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ORLANDO, Fla., Oct. 28, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE – Immune Therapeutics, Inc. (OTC:IMUN) (IMUN) (“Immune” “IMUN” or the “Company”), a clinical late-stage oncology biopharmaceutical company focused on the development therapies for the treatment of cancer using an immune therapy and a systems biology approach today announced that its Board of Directors and a majority of its shareholders have approved a reverse stock split of the Company’s issued and outstanding common shares at a ratio of 1,000 to 1 and a change of the Company’s name to Forte Biotechnology, Inc. The reverse share split will uniformly affect all issued and outstanding Immune common shares. No fractional shares will be issued in connection with the reverse share split and the Company will round down any fractional shares resulting from the reverse split. The par value of Immune Therapeutics’ common shares will remain unchanged at $0.0001 per share following the reverse share split. The reverse share split will not reduce Immune Therapeutics’ authorized number of common shares.
The reverse share split will proportionately reduce the number of common shares available for issuance under Immune Therapeutics’ equity incentive plans and will proportionately reduce the number of common shares issuable upon the exercise of options and warrants outstanding immediately prior to the reverse share split and proportionately increase the exercise price, except to the extent that such warrants and options contain anti-dilution clauses.
Michael K. Handley, CEO of Immune Therapeutics Inc, commented, “This is a critically important step in our corporate development and capital markets strategy. We are pleased with the endorsement of our stockholders and the Board to execute a reverse stock split and name change.”
ABOUT Immune Therapeutics Inc
Immune Therapeutics, Inc. is a late-stage biopharmaceutical company focused on the development and commercialization of highly innovative oncology therapies. Immune Therapeutics is actively developing T-cell activation immunotherapies in combination with other drug candidates to achieve immunomodulation in patients with cancer.
FORWARD LOOKING STATEMENTS
This release may contain forward-looking statements. Actual results may differ from those projected due to a number of risks and uncertainties, including, but not limited to, the possibility that some or all the matters and transactions considered by the Company may not proceed as contemplated, and by all other matters specified in the Company’s filings with the Securities and Exchange Commission. These statements are made based upon current expectations that are subject to risk and uncertainty. The Company does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in the Company’s filings with the Securities and Exchange Commission (www.sec.gov), including its recent periodic reports.