FOSTER CITY, Calif., Nov. 21, 2024 (GLOBE NEWSWIRE) -- Apollomics Inc. (Nasdaq: APLM) (“Apollomics” or the “Company”), a late-stage clinical biopharmaceutical company developing multiple oncology drug candidates to address difficult-to-treat and treatment-resistant cancers, announced today that it will affect a 1-for-100 reverse share split (“Reverse Share Split”) of its class A ordinary shares, par value $0.0001 per share (“Old Shares”), which will become effective at 12:01a.m. Eastern Time on Monday, November 25, 2024 (the “Effective Time”). The Company’s new class A ordinary shares, par value $0.01 per share (“New Shares”) will begin trading on a split-adjusted basis on the Nasdaq Stock Market at the open of trading on November 25, 2024, under the existing symbol “APLM” and new CUSIP number G0411D123.
At the Company’s Extraordinary General Meeting of Shareholders held on November 14, 2024 (the “Meeting”), the Company’s shareholders approved a proposal to effect a reverse share split of the Company’s Old Shares at a ratio of not less than twenty-five to one (25:1) and up to one hundred to one (100:1), with such ratio and the implementation and timing of such Reverse Share Split to be determined by the Company’s Board of Directors in its sole discretion. The Board of Directors has now approved the implementation of a one hundred to one (100:1) Reverse Share Split with the timing described above. The Company’s shareholders also approved the proposal to increase the authorized share capital, if the Reverse Share Split is implemented, from 6,500,000 shares to 130,000,000 shares comprising (i) 100,000,000 New Shares, (ii) 20,000,000 class B ordinary shares and (iii) 10,000,000 preference shares, with a par value of US$0.01 each. As a result of the Reverse Share Split, every 100 Old Shares issued and outstanding as of the Effective Time will automatically be combined into one New Share. No fractional shares will be issued as a result of the Reverse Share Split.
The terms of outstanding warrants and equity-based awards (including exercise price and number of shares issuable thereunder) will be proportionately adjusted, in accordance with the terms of the applicable agreement. Specifically, every 100 Old Shares that may be purchased pursuant to the exercise of warrants prior to the Effective Time represent one New Share that may be purchased pursuant to such warrants following the Effective Time. The exercise price for each public warrant following the Effective Time will equal the product of $11.50, the warrant price immediately prior to the Effective Time, and a fraction (x) the numerator of which shall be one hundred (100), and (y) the denominator of which shall be one (1), which the numerator and denominator are based on the Reverse Share Split ratio; accordingly, the exercise price for the Company’s warrants trading under the symbol “APLMW” will be $1,150.00. The CUSIP number for the Company’s warrants will not change.
About Apollomics Inc.
Apollomics Inc. is an innovative clinical-stage biopharmaceutical company focused on the discovery and development of oncology therapies with the potential to be combined with other treatment options to harness the immune system and target specific molecular pathways to inhibit cancer. Apollomics’ lead program is vebreltinib (APL-101), a potent, selective c-Met inhibitor for the treatment of non-small cell lung cancer and other advanced tumors with c-Met alterations, which is currently in a Phase 2 multicohort clinical trial in the United States and over 10 other countries. For more information, please visit www.apollomicsinc.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes statements that constitute “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of present or historical fact included in this press release, regarding the Company’s strategy, prospects, plans and objectives are forward-looking statements, including statements about the Company’s Reverse Share Split. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Apollomics cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Apollomics. In addition, Apollomics cautions you that the forward-looking statements contained in this press release are subject to unknown risks, uncertainties and other factors, including: (i) the impact of any current or new government regulations in the United States and China affecting Apollomics’ operations and the continued listing of Apollomics’ securities; (ii) the inability to achieve successful clinical results or to obtain licensing of third-party intellectual property rights for future discovery and development of Apollomics’ oncology projects; (iii) the failure to commercialize product candidates and achieve market acceptance of such product candidates; (iv) the failure to protect Apollomics’ intellectual property; (v) breaches in data security; (vi) the risk that Apollomics may not be able to develop and maintain effective internal controls; (vii) unfavorable changes to the regulatory environment; and (viii) those risks and uncertainties discussed in the Annual Report on Form 20-F for the year ended December 31, 2023, filed by Apollomics Inc. with the U.S. Securities and Exchange Commission (“SEC”) under the heading “Risk Factors” and the other documents filed, or to be filed, by the Company with the SEC. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that Apollomics has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date made by the Company. Apollomics undertakes no obligation to update publicly any of its forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law.
Investor Contact:
Eric Ribner
LifeSci Advisors, LLC
(646) 751-4363
eric@lifesciadvisors.com
