HAIFA, Israel - Biotechnology firm Pluri Inc. (NASDAQ: PLUR) (TASE: PLUR), known for its cell-based technology solutions, has announced a reverse share split of its common shares at a ratio of 1-for-8, set to take effect at the start of trading on April 1, 2024. The company's common shares will continue trading on the Nasdaq Capital Market under the ticker "PLUR" but will be assigned a new CUSIP number, 72942G203.
The reverse share split will consolidate every eight existing common shares into one new share. Consequently, Pluri's current total of 41,816,959 common shares will be reduced to approximately 5,227,120 shares. Additionally, the authorized capital shares of the company will decrease from 300 million common shares to 37.5 million common shares.
As per the Nevada Revised Statutes Section 78.207, no fractional shares will be issued. Shareholders who would otherwise hold a fraction of a share will receive a rounded up whole share instead. The company's board of directors has approved this action in accordance with Nevada law, and no further shareholder approval is required since the changes will not adversely affect any other share class, and shareholders will not receive cash or scrip for fractional shares.
This reverse split is designed to not materially affect any shareholder's percentage of ownership or voting power in Pluri, except for minimal changes due to the treatment of fractional shares. All options, unvested shares, restricted stock units, and warrants will be adjusted accordingly.
Equiniti Trust Company, LLC, has been appointed as the exchange agent for the reverse split. Shareholders can contact Equiniti Trust Company, LLC at (718) 921-8200 for more information.
Pluri operates in the fields of regenerative medicine, food-tech, and agtech, and is exploring partnerships to expand the use of its 3D cell-based technology into other industries. The company aims to address global challenges such as medicine, climate change, food scarcity, and animal cruelty through its cell expansion system.
The information in this article is based on a press release statement from Pluri Inc.
InvestingPro Insights
In light of Pluri Inc.'s recent announcement regarding a reverse share split, investors may be seeking additional context to understand the company's financial health and market performance. According to real-time data from InvestingPro, Pluri Inc. has a market capitalization of approximately $41.95 million and a notably high Price / Book ratio of 9.62 as of the last twelve months leading up to Q2 2024. This suggests that the market may be valuing the company's net assets at a premium, which could be reflective of investor optimism about the firm's technology and future growth prospects.
Despite not being profitable over the last twelve months, Pluri Inc. has shown impressive revenue growth, with a quarterly increase of 5150.0% in Q2 2024. This significant jump in revenue may indicate a rising demand for the company's cell-based technology solutions or the fruition of strategic partnerships. Additionally, the company has a gross profit margin of 97.48%, highlighting its ability to retain a high percentage of revenue after accounting for the cost of goods sold.
Investors are also taking note of the company's recent stock performance. Pluri Inc. has experienced a strong return over the last three months, with an 85.12% increase in its stock price. This robust market performance is complemented by an InvestingPro Tip indicating that analysts predict the company will be profitable this year, which may further bolster investor confidence.
For those looking to delve deeper into these metrics and uncover additional insights, there are more InvestingPro Tips available that could help in making informed investment decisions. Interested readers can find further analysis and tips by visiting the company's InvestingPro page: https://www.investing.com/pro/PLUR. Plus, by using the coupon code PRONEWS24, investors can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable insights. It's worth noting that InvestingPro offers a total of 13 tips for Pluri Inc., providing a comprehensive view of the company's financial and market performance.
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