RAPT Therapeutics Announces Effective Date for 1-for-8 Reverse Stock Split
SOUTH SAN FRANCISCO, Calif., June 13, 2025 (GLOBE NEWSWIRE) -- RAPT Therapeutics, Inc. (Nasdaq: RAPT) (the 'Company'), a clinical-stage immunology-based biopharmaceutical company focused on discovering, developing and commercializing novel therapies for patients living with inflammatory and immunological diseases, today announced that a 1-for-8 reverse stock split of its outstanding shares of common stock will be effective at 11:59 pm Eastern Time June 16, 2025.
Following the reverse stock split, the Company's common stock will continue to trade on the Nasdaq Global Market under the symbol 'RAPT' with the new CUSIP number 75382E 208. The Company's common stock will begin trading on a reverse stock split-adjusted basis on June 17, 2025.
At the effective time of the reverse split, every eight issued and outstanding shares of the Company's common stock will automatically be combined into one issued and outstanding share of the Company's common stock without any change in the par value per share. Fractional shares will not be issued in connection with the reverse stock split. Stockholders who would otherwise be entitled to receive a fractional share will be entitled to receive a cash payment. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's relative interest in the Company's equity securities, except for any adjustments for fractional shares. The reverse stock split will not affect the absolute number of the Company's authorized shares of common stock, which will remain at 500,000,000, but the total number of authorized shares of the Company's common stock available for future issuance will increase. In addition, proportionate adjustments will be made to the number of shares underlying, and the exercise or conversion prices of, the Company's outstanding pre-funded warrants and stock options, and to the number of shares of common stock issuable under the Company's equity incentive plans.
The reverse stock split will reduce the number of issued and outstanding shares of the Company's common stock from approximately 132.3 million to approximately 16.5 million.
RAPT Therapeutics, Inc. is a clinical-stage immunology-based biopharmaceutical company focused on discovering, developing and commercializing novel therapies for patients living with inflammatory and immunological diseases. Utilizing our deep and proprietary expertise in immunology, we develop novel therapies that are designed to modulate the critical immune responses underlying these diseases.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as 'will' and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These statements relate to future events and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future performances or achievements expressed or implied by the forward-looking statements. Each of these statements is based only on current information, assumptions and expectations that are inherently subject to change and involve a number of risks and uncertainties. Forward-looking statements include, but are not limited to, statements about the reverse stock split and the timing thereof, the impact of the reverse stock split on stockholders, including any adjustments that may result from the treatment of fractional shares, pre-funded warrant holders and option holders, the potential impact of the reverse stock split on the bid price of the Company's common stock, the expected number of shares of common stock to be issued and outstanding following the reverse stock split, and other statements that are not historical fact. Detailed information regarding risk factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in RAPT's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 8, 2025 and subsequent filings made by RAPT with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. RAPT disclaims any obligation to update these forward-looking statements, except as required by law.
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