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Item 8.01. Other Events.
On August 27, 2024, Matinas BioPharma Holdings, Inc. (the “Company”) received notice that trading of its shares of common stock, par value $0.0001 per share (the “Common Stock”), had been halted by the NYSE American (“NYSE American” or the “Exchange”) due to its low trading price. The Company expects the trading halt to remain in effect until after the Company consummates a reverse stock split of the Common Stock. As previously announced, the Board of Directors of the Company approved a reverse stock split of the Common Stock at a ratio of one-for-fifty (1:50) (the “Reverse Stock Split”). The Reverse Stock Split will become effective at 5:00 P.M. (EST) on August 30, 2024. The shares of Common Stock are expected to begin trading on the split-adjusted basis when the market opens on September 3, 2024.
Subject to NYSE American approval, it is anticipated that trading will resume on the NYSE American following the implementation of the Reverse Stock Split. Although not anticipated by the Company, the Exchange could maintain the trading halt. The Exchange could also suspend trading and move to delist the Company’s Common Stock if the price per share post-split does not meet the requirements of Section 1003(f)(v) of the NYSE American Company Guide.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MATINAS BIOPHARMA HOLDINGS, INC. | ||
| Dated: August 27, 2024 | By: | /s/ Jerome D. Jabbour |
| Name: | Jerome D. Jabbour | |
| Title: | Chief Executive Officer | |
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