Ohr Pharmaceutical Announces Reverse Stock Split to be Effective February 4, 2019

Ohr Pharmaceutical’s board of directors has determined to effect a one-for-twenty reverse stock split of the company’s common stock, par value $0.0001 per share. The company’s stockholders approved the reverse stock split at a special meeting of shareholders held on January 18, 2019. The company’s common stock is expected to commence trading on a post-reverse stock split basis on February 4, 2019.

“This reverse stock split will help us maintain our NASDAQ listing while we move forward with the process to complete our previously announced merger with NeuBase Therapeutics,” said Jason Slakter, MD, chief executive officer of Ohr Pharmaceutical. “NeuBase’s next-generation gene silencing platform has broad therapeutic potential, and we believe the proposed merger provides an excellent opportunity to create value for our stockholders with a science-driven company working to transform the paradigm for treating rare genetic diseases.”

The reverse stock split will affect all issued and outstanding shares of the company’s common stock, as well as the number of shares of common stock available for issuance under the company’s equity incentive plans. In addition, the reverse stock split will reduce the number of shares of common stock issuable upon the exercise of stock options or warrants outstanding immediately prior to the reverse split and correspondingly increase the respective exercise prices. The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 56.5 million to approximately 2.8 million.