Vyant Bio (VYNT) Announces 1-for-5 Reverse Stock Split

Vyant Bio, Inc. (“Vyant Bio” or “Company”) (Nasdaq: VYNT) is an innovative biotechnology company reinventing drug discovery for complex neurodevelopmental and neurodegenerative disorders. The Company’s proprietary central nervous system (“CNS”) drug discovery platform combines human-derived organoid models of brain disease, scaled biology, and machine learning. Today, Vyant Bio announced that the Company will effect a 1-for-5 (1:5) reverse stock split of its outstanding common stock. This will become effective for trading purposes as of the commencement of trading on Wednesday, November 2, 2022. Vyant Bio’s common stock will continue to trade on The Nasdaq Capital Market under the symbol “VYNT” and under a new CUSIP number, 92942V208.

The reverse stock split is intended to increase the per share trading price of Vyant Bio’s common stock to satisfy the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market (Nasdaq Listing Rule 5550(a)(2)). As a result of the reverse stock split, every five pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of the shareholders. The number of outstanding shares of common stock is expected to be reduced from 29,412,798 shares issued and outstanding as of October 31, 2022, to approximately 5,882,559 shares.

No fractional shares will be issued in connection with the reverse stock split. Stockholders who otherwise would be entitled to receive fractional shares because they hold a number of pre-split shares of the Company’s common stock not evenly divisible by five will instead receive a cash payment based on the closing price of the Company’s common stock on the five consecutive days leading up to the effective date of the reverse split. The reverse stock split will also apply to common stock issuable upon the exercise of Vyant Bio’s outstanding warrants and stock options, with a proportionate adjustment to the exercise prices thereof, and under the Company’s equity incentive plans.

On July 14, 2022, the holders of a majority of the Company’s outstanding shares of common stock approved the reverse stock split and gave the Company’s board of directors discretionary authority to select a ratio for the split ranging from one-for-five (1:5) to one-for-fifteen (1:15). The board of directors approved the reverse stock split at a ratio of one-for-five (1:5) on October 23, 2022.

Continental Stock Transfer & Trust Company is acting as the exchange agent and transfer agent for the reverse stock split. Stockholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the reverse stock split. Beneficial holders are encouraged to contact their bank, broker or custodian with any procedural questions.

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