TransCode Therapeutics Open Letter to Shareholders
12 November 2024 - 1:00PM
The Board and Management of TransCode Therapeutics (NASDAQ: RNAZ)
today issued the following open letter to shareholders of the
Company:
Dear Shareholders,
At our upcoming Special Meeting to be held November
22, shareholders are being asked to authorize our Board of
Directors to effect a reverse split — only if the Board
determines that doing so is necessary as described below.
Many shareholders rightly ask why this request. Some believe
that the potential announcement of additional positive clinical
data or other good news will favorably impact our stock price.
However, there is no assurance that any good news will occur, will
occur by the deadline required, or that the stock will rise after
any such positive announcement(s).
A reverse split is NOT something directors or management wishes
to do — we all hope it won’t be needed. But the Nasdaq
Hearings Panel that approved the extension to continue our Nasdaq
listing did so on the condition that our shareholders authorize a
reverse split — should one be necessary. The reverse split
will not be necessary if our stock closes at $1.00 per share or
more for any ten-day period prior to December 31, 2024.
If our stock does not meet this Nasdaq requirement, and we do
not have your vote in favor of the reverse split, Nasdaq will
delist our stock. A Nasdaq delisting would in all likelihood have a
material adverse effect on the value of our company and the value
of your stock.
Our assessment boils down to this: your vote is your decision
about whether you support our efforts to maintain our Nasdaq
listing. Given our need to raise additional capital as soon as
possible to continue the clinical trial and other operations, we
believe having our stock remain on Nasdaq is critical to raising
the needed capital.
TransCode’s management and directors are unanimously determined
to maintain our Nasdaq listing. This is why we need you to
authorize the reverse split, with all of us hoping that we will not
have to implement this decision.
We call for your understanding and greatly appreciate your
support.
Your Board and Management
For more information, please contact:
TransCode Therapeutics, Inc.Tania Montgomery-Hammon, Business
Developmenttania.montgomery@transcodetherapeutics.com
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