SEATTLE, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Neoleukin Therapeutics, Inc., “Neoleukin” or the “Company” (NASDAQ:NLTX), a biopharmaceutical company that has designed de novo protein therapeutics utilizing sophisticated computational methods, today announced that its Board of Directors (“Board”) has approved a reverse stock split of the Company’s outstanding shares of common stock at a ratio of 1-for-4. The reverse stock split will become effective at 12:02 a.m., Eastern Time on December 18, 2023. The Company's common stock is expected to begin trading on a post-reverse stock split basis on the Nasdaq Global Market on December 19, 2023, under the new name Neurogene Inc. and under the new symbol "NGNE" following the anticipated closing of the merger with Neurogene Inc. (the “Merger”), with a new CUSIP number 64135M105. The reverse stock split was effected to ensure the combined company’s compliance with the minimum bid price requirement of $4.00 per share for initial listing on the Nasdaq Global Market. The reverse stock split was approved by Neoleukin’s stockholders at the Company’s special meeting of stockholders held on December 13, 2023, to be effected in the Board’s discretion within approved parameters of not less than 1-for-1.5 and not more than 1-for-5. The final reverse stock split ratio was approved by the Board on December 13, 2023. The reverse stock split is expected to reduce the number of shares of the Company’s outstanding common stock from approximately 9,398,497 shares to approximately 2,349,624 shares. The number of shares of the Company's authorized common stock was not affected by the reverse stock split, but at the special meeting of stockholders, Neoleukin's stockholders approved an increase in the number of shares of the Company's authorized common stock from 20,000,000 shares to 500,000,000 shares in connection with the anticipated closing of the Merger. As a result of the reverse stock split, proportionate adjustments will be made to the exercise prices and number of shares of Neoleukin’s common stock underlying the Company’s outstanding equity awards and pre-funded warrants for common stock, as well as the number of shares of common stock issuable under the Company’s equity incentive plan and employee stock purchase plan. There will be no change to the par value per share.
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