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Akers Biosciences Announces Intention to Explore Strategic Alternatives to Maximize Shareholder Value
Announces 1:8 Reverse Stock Split
THOROFARE, N.J., Nov. 07, 2018 (GLOBE NEWSWIRE) -- Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), (“Akers Bio” or the "Company"), a developer of rapid health information technologies, announces that the Board of Directors has initiated a process to evaluate strategic alternatives to maximize shareholder value. This process will consider a range of potential strategic alternatives including, but not limited to, business combinations, while simultaneously supporting the Company’s management and employees in the execution of the Company’s current business activities.
The Company does not plan to disclose or comment on developments regarding the strategic review process until it is complete or further disclosure is deemed appropriate. There can be no assurance that the exploration of strategic alternatives will result in any transaction or other alternative.
Howard R. Yeaton, Chief Executive Officer, commented:
“The Board of Directors and management of the Company believes that now is the right time to review strategic alternatives to assess how best to maximize value for our shareholders. During this process, the team will remain focused on advancing our current business operations and serving our customers.”
Reverse Stock Split
As announced by the Company on May 30, 2018, the Listing Qualifications Department of the Nasdaq Stock Market granted the Company a 180-day extension to meet the requirement of a minimum $1.00 per share closing bid price of its common stock for ten (10) consecutive business days for continued inclusion on the Nasdaq Capital Market. The Company provided a written notice of its intention to cure the deficiency during the 180-day extension period by effecting a reverse stock split, if necessary.
Accordingly, the Company today announces that it is effecting a reverse stock split of its issued and outstanding common stock of no par value at a ratio of one (1) share of common stock for every eight (8) shares of common stock on November 8, 2018. As a result of the reverse stock split, there will be approximately 12,457,731 shares of common stock outstanding. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. Fractional shares will not be issued as a result of the reverse stock split; instead, the Board of Directors determined to effect an issuance of shares to holders that would otherwise be entitled to a fractional share such that any fractional shares will be rounded up to the nearest whole number.
The Company's common stock will continue to trade on the Nasdaq Capital Market under the stock ticker "AKER" but will trade under the new CUSIP number 00973E300. Additional information concerning the impact of the reverse stock split on the Company’s common stock trading on the AIM market of the London Stock Exchange will be provided via the London Stock Exchange Regulatory News Service.
About Akers Biosciences, Inc.
Akers Bio develops, manufactures, and supplies rapid screening and testing products designed to deliver quicker and more cost-effective healthcare information to healthcare providers and consumers. The Company has advanced the science of diagnostics while responding to major shifts in healthcare through the development of several proprietary platform technologies. The Company's state-of-the-art rapid diagnostic assays can be performed virtually anywhere in minutes when time is of the essence. The Company has aligned with major healthcare companies and high volume medical product distributors to maximize product offerings, and to be a major worldwide competitor in diagnostics.
Additional information on the Company and its products can be found at www.akersbio.com.
Cautionary Note Regarding Forward-Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans, compliance with the requirements of various regulatory agencies and certain NASDAQ Stock Market listing rules, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions, as they relate to the Company, its subsidiaries, or its management. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results, performance, prospects, and opportunities to may differ materially from those set forth in, or implied by, the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Akers Biosciences, Inc.
Howard R. Yeaton, Chief Executive Officer and Interim Chief Financial Officer
Tel. +1 856 848 8698
Vigo Communications (Global Public Relations)
Ben Simons / Fiona Henson
Tel. +44 (0)20 7390 0234