BiomX Announces a Mandatory Unit Separation

Rhea-AI Summary

BiomX Inc. (NYSE American: PHGE), a clinical-stage company developing phage therapies targeting specific pathogenic bacteria, has announced a mandatory separation of its units (PHGE.U). Each unit consists of one share of Common Stock and one warrant to purchase one-half of a share of Common Stock. The separation will occur on or about October 25, 2024, after which the units will no longer trade on the NYSE American.

Key points:

• Unit holders will receive the underlying shares of Common Stock and Warrants
• The separation is automatic, requiring no action from unit holders
• Warrants will expire on October 28, 2024
• Each warrant allows purchase of one-half share at $115 per share
• Post-separation, Common Stock will trade under the symbol PHGE

Positive

• Mandatory unit separation may simplify the company's capital structure
• Automatic process requires no action from unit holders, potentially reducing investor confusion

Negative

• Warrants expire shortly after the mandatory separation on October 28, 2024, potentially limiting investor options
• High warrant exercise price of $115 per share may be unattractive to some investors

GAITHERSBURG, Md., Oct. 15, 2024 (GLOBE NEWSWIRE) -- BiomX Inc. (NYSE American: PHGE) (“BiomX” or the “Company”), a clinical-stage company advancing novel natural and engineered phage therapies that target specific pathogenic bacteria, announces a mandatory separation of its units, which trade under the ticker symbol “PHGE.U”, each of which consists of one share of Common Stock and one warrant to purchase one-half of a share of Common Stock (the “Units”). Each warrant (a “Warrant”) entitles the holder to purchase one-half of a share of Common Stock at price of $115 per share.

On or about October 25, 2024, the Units will be mandatorily separated and will no longer trade on the NYSE American (the “Mandatory Unit Separation”). In the separation, Unit holders will receive the number of shares of Common Stock and Warrants underlying such Units. This is a mandatory and automatic separation, and no action is required by the holders of Units. The Warrants will expire on October 28, 2024.

Following the Mandatory Unit Separation, the shares of Common Stock underlying the Units will trade under the symbol PHGE with the other existing shares of the Company’s Common Stock.

About BiomX
BiomX is a clinical-stage company leading the development of natural and engineered phage cocktails and personalized phage treatments designed to target and destroy harmful bacteria for the treatment of chronic diseases with substantial unmet needs. BiomX discovers and validates proprietary bacterial targets and applies its BOLT (“BacteriOphage Lead to Treatment”) platform to customize phage compositions against these targets. For more information, please visit www.biomx.com, the content of which does not form a part of this press release.

Contacts:
BiomX, Inc.
Ben Cohen
benc@biomx.com

CORE IR
Peter Seltzberg
ir-biomx@biomx.com

FAQ

When will BiomX (PHGE) implement the mandatory unit separation?

BiomX (PHGE) will implement the mandatory unit separation on or about October 25, 2024.

What will PHGE unit holders receive after the mandatory separation?

PHGE unit holders will receive the number of shares of Common Stock and Warrants underlying their Units.

What is the expiration date for the PHGE warrants?

The PHGE warrants will expire on October 28, 2024.

What is the exercise price for the PHGE warrants?

Each PHGE warrant entitles the holder to purchase one-half of a share of Common Stock at a price of $115 per share.

Under what symbol will PHGE Common Stock trade after the unit separation?

After the mandatory unit separation, PHGE Common Stock will trade under the symbol PHGE.