BRIDGEWATER, N.J., Feb. 11, 2021 (GLOBE NEWSWIRE) -- VYNE Therapeutics Inc. (Nasdaq: VYNE) ("VYNE" or the "Company") today announced that its Board of Directors has approved a reverse stock split of the Company's common stock at a ratio of 1-for-4. The reverse stock split was previously approved by stockholders at the Annual Meeting of Stockholders held on August 3, 2020.
VYNE's common stock will begin trading on a split-adjusted basis on the Nasdaq Global Select Market at the market open on February 16, 2021. Once effective, the reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 205 million to approximately 51 million. In addition, the number of authorized shares of the Company's common stock will be reduced by a corresponding ratio.
No fractional shares will be issued as a result of the reverse stock split. In lieu thereof, the Company's transfer agent will aggregate all fractional shares and sell them as soon as practicable after the effective time at the then-prevailing prices on the open market. After the transfer agent's completion of such sale, stockholders who would have been entitled to a fractional share as a result of the reverse stock split will instead receive a cash payment from the transfer agent in an amount equal to their respective pro rata share of the total proceeds of that sale.
The primary objective of the reverse stock split is to reduce the number of shares outstanding to a number more consistent with other companies with similar market capitalizations as VYNE, as further described in the Company's last proxy statement.
The trading symbol for the Company's common stock will remain "VYNE." The new CUSIP number for the Company's common stock following the reverse stock split is 92941V 209.
About VYNE Therapeutics Inc. VYNE's mission is to improve the lives of patients by developing proprietary, innovative and differentiated therapies in dermatology and beyond.
With expertise in topical medicine innovation as a springboard, VYNE is working to develop and commercialize a variety of solutions using its proprietary Molecule Stabilizing Technology (MST), and has received FDA approval for AMZEEQ (minocycline) topical foam, 4%, the world's first topical minocycline, and for ZILXI (minocycline) topical foam, 1.5%, the first minocycline product of any kind to be approved by the FDA for use in rosacea. For more information about our approved products, please see AMZEEQ's Full Prescribing Information at AMZEEQ.com and ZILXI's Full Prescribing Information at ZILXI.com.
For more information about VYNE Therapeutics Inc. or its investigational products, visit www.vynetherapeutics.com or follow VYNE on Twitter. VYNE may use its website to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor VYNE's website in addition to following its press releases, filings with the U.S. Securities and Exchange Commission, public conference calls, and webcasts.
Media Relations:
Bridgette Potratz
Zeno Group
312-358-2950
bridgette.potratz@zenogroup.com
Investor Relations:
Joyce Allaire
LifeSci Advisors, LLC
646-889-1200
jallaire@lifesciadvisors.com
Andrew Saik
Chief Financial Officer
VYNE Therapeutics
908-731-6180
Andrew.Saik@vynetx.com
VYNE's common stock will begin trading on a split-adjusted basis on the Nasdaq Global Select Market at the market open on February 16, 2021. Once effective, the reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 205 million to approximately 51 million. In addition, the number of authorized shares of the Company's common stock will be reduced by a corresponding ratio.
No fractional shares will be issued as a result of the reverse stock split. In lieu thereof, the Company's transfer agent will aggregate all fractional shares and sell them as soon as practicable after the effective time at the then-prevailing prices on the open market. After the transfer agent's completion of such sale, stockholders who would have been entitled to a fractional share as a result of the reverse stock split will instead receive a cash payment from the transfer agent in an amount equal to their respective pro rata share of the total proceeds of that sale.
The primary objective of the reverse stock split is to reduce the number of shares outstanding to a number more consistent with other companies with similar market capitalizations as VYNE, as further described in the Company's last proxy statement.
The trading symbol for the Company's common stock will remain "VYNE." The new CUSIP number for the Company's common stock following the reverse stock split is 92941V 209.
About VYNE Therapeutics Inc. VYNE's mission is to improve the lives of patients by developing proprietary, innovative and differentiated therapies in dermatology and beyond.
With expertise in topical medicine innovation as a springboard, VYNE is working to develop and commercialize a variety of solutions using its proprietary Molecule Stabilizing Technology (MST), and has received FDA approval for AMZEEQ (minocycline) topical foam, 4%, the world's first topical minocycline, and for ZILXI (minocycline) topical foam, 1.5%, the first minocycline product of any kind to be approved by the FDA for use in rosacea. For more information about our approved products, please see AMZEEQ's Full Prescribing Information at AMZEEQ.com and ZILXI's Full Prescribing Information at ZILXI.com.
For more information about VYNE Therapeutics Inc. or its investigational products, visit www.vynetherapeutics.com or follow VYNE on Twitter. VYNE may use its website to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor VYNE's website in addition to following its press releases, filings with the U.S. Securities and Exchange Commission, public conference calls, and webcasts.
Media Relations:
Bridgette Potratz
Zeno Group
312-358-2950
bridgette.potratz@zenogroup.com
Investor Relations:
Joyce Allaire
LifeSci Advisors, LLC
646-889-1200
jallaire@lifesciadvisors.com
Andrew Saik
Chief Financial Officer
VYNE Therapeutics
908-731-6180
Andrew.Saik@vynetx.com
