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Bone Biologics Effects 1-for-30 Reverse Stock Split
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BURLINGTON, Mass.--(BUSINESS WIRE)--
Bone Biologics Corporation (NASDAQ: BBLG), a developer of orthobiologic products for spine fusion markets, announces that a 1-for-30 reverse stock split became effective on June 5, 2023 and that its common stock and warrants will begin trading on a split-adjusted basis with the open of the market on June 7, 2023. Bone Biologics’ common stock and warrants will continue to trade on Nasdaq under the symbols "BBLG" and “BBLGW”, respectively
As a result of the reverse stock split, each 30 pre-split shares of common stock or warrant outstanding were automatically combined and converted into 1 issued and outstanding share of common stock or warrant. No fractional shares of common stock were issued to any stockholders in connection with the reverse stock split. Any fractional share resulting from the reverse stock split has been rounded up to the nearest whole share.
Stockholders of record will receive information regarding their share ownership following the reverse stock split from the Company’s transfer agent, Equiniti Trust (EQ). Please call EQ Shareowner Services at 866-877-6270 or 651-306-3000 with any questions Monday through Friday from 7:00 a.m. to 7:00 p.m. Central time.
For additional information regarding the reverse stock split, please refer to Bone Biologics’ Current Report on Form 8-K, filed with the Securities and Exchange Commission on June 6, 2023.
About Bone Biologics
Bone Biologics was founded to pursue regenerative medicine for bone. The Company is undertaking groundbreaking work with select strategic partners, which build on the preclinical research of the Nell-1 protein. Bone Biologics is currently focusing its development efforts for its bone graft substitute product on bone regeneration in spinal fusion procedures, while additionally having rights to trauma and osteoporosis applications. For more information, please visit www.bonebiologics.com.
Forward-looking Statements
Certain statements contained in this press release, including, without limitation, statements containing the words ‘'believes,'' "anticipates," "expects" and words of similar import, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve both known and unknown risks and uncertainties. The Company's actual results may differ materially from those anticipated in its forward-looking statements as a result of a number of factors, including those including the Company's ability to develop our lead product NELL-1 and other proposed products, its ability to obtain patent protection for its technology, its ability to obtain the necessary financing to develop products and conduct the necessary clinical testing, its ability to obtain Federal Food and Drug Administration approval to market any product it may develop in the United States and to obtain any other regulatory approval necessary to market any product in other countries, its ability to market any product it may develop, its ability to create, sustain, manage or forecast its growth; its ability to attract and retain key personnel; changes in the Company's business strategy or development plans; competition; business disruptions; adverse publicity and international, national and local general economic and market conditions and risks generally associated with an undercapitalized developing company, as well as the risks contained under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Form S-1, Form 10-K for the year ended December 31, 2022 and the Company's other filings with the Securities and Exchange Commission. Except as required by applicable law, we undertake no obligation to revise or update any forward-looking statements to reflect any event or circumstance that may arise after the date hereof.
a publicly-held biotechnology company that is a spin off of the musculoskeletal transplant foundation (mtf) using technology discovered and licensed from ucla. bone biologics market and focus is in the regenerative medicine orthobiologics space. bone biologics was founded in 2004 by university of california professors in collaboration with an osaka university professor and a usc surgeon and acquired in 2006 by mtf as the major shareholder, who has been the primary funder since the acquisition. the company’s proprietary, patented platform technology ucb-1™, exclusively licensed from ucla, has met and surpassed existing standards of care outcomes in completed large animal model (sheep and rhesus monkey) studies that have demonstrated that the ucb-1™ technology facilitates superior normal bone growth. the company believes that as a platform technology, ucb-1™ has broad applications in delivering improved outcomes in almost all surgical procedures involved in bone repair and regeneration.
