WALTHAM, Mass., Sept. 7, 2023 /PRNewswire/ -- Aeglea BioTherapeutics, Inc. ("Aeglea") (Nasdaq: AGLE), a biotechnology company advancing a pipeline of antibody therapeutics with the potential to transform the treatment of inflammatory bowel disease ("IBD"), today announced it will effect a reverse stock split of all outstanding shares of Aeglea's common stock at a ratio of 1-for-25. Aeglea expects its common stock to begin trading on a split-adjusted basis on the Nasdaq Capital Market as of the commencement of trading on September 8, 2023 .
The reverse stock split was approved by stockholders during the annual meeting of stockholders on June 6, 2023 and by Aeglea's Board of Directors. The reverse stock split is intended to enable the company to meet minimum Nasdaq listing price per share requirements.
Aeglea's common stock will continue to trade on the Nasdaq Capital Market under the symbol "AGLE" following the reverse stock split. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. No fractional shares will be issued in connection with the reverse stock split and stockholders who would otherwise be entitled to a fractional share will receive a proportional cash payment. After the reverse stock split, the number of authorized shares of common stock will be reduced from 500 million to 20 million.
Aeglea's transfer agent, Equiniti Trust Company, LLC ("EQ"), is acting as the exchange agent for the reverse stock split. Additional information concerning the reverse stock split can be found in Aeglea's Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission ("SEC") on April 17, 2023, which can also be found on Aeglea's investor website. Registered holders are encouraged to contact EQ and beneficial holders are encouraged to contact their bank, broker or other nominee with any questions.
About Aeglea BioTherapeutics
In June 2023, Aeglea completed the asset acquisition of Spyre Therapeutics, Inc. and shifted its disease focus to IBD. Aeglea is advancing a pipeline of antibody therapeutics with the potential to transform the treatment of IBD. The approaches combine novel antibody engineering, rational therapeutic combinations, and precision immunology approaches to maximize efficacy, safety, and convenience of treatments for IBD. The company's portfolio includes potentially best-in-class antibodies targeting a4b7, TL1A, and IL-23.
Forward-Looking Statements
Certain statements in this press release, other than purely historical information, may constitute "forward-looking statements" within the meaning of the federal securities laws, including for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, concerning Aeglea and other matters. These forward-looking statements include, but are not limited to, express or implied statements relating to the timing of implementation of the reverse stock split and Aeglea's intentions and expected benefits associated therewith. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "opportunity," "potential," "milestones," "pipeline," "can," "goal," "aim," "strategy," "target," "seek," "anticipate," "achieve," "believe," "contemplate," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "predict," "project," "should," "will," "would" and similar expressions (including the negatives of these terms or variations of them) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting Aeglea will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Aeglea's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited those uncertainties and factors described under the heading "Risk Factors" and "Note about Forward-Looking Statements" in Aeglea's most recent Quarterly Report on Form 10-Q filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors included in other filings by Aeglea from time to time. Should one or more of these risks or uncertainties materialize, or should any of Aeglea's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Aeglea does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statements. This press release does not purport to summarize all of the conditions, risks and other attributes of an investment in Aeglea.
SOURCE Aeglea BioTherapeutics, Inc.
