Salarius Pharmaceuticals Announces 1-for-8 Stock Split - June 12, 2024

HOUSTON, June 12, 2024 – Salarius Pharmaceuticals, Inc. (NASDAQ: SLRX), a company engaged in the clinical-stage development of cancer therapies, has announced a 1-for-8 reverse stock split that will take effect at 5:00 p.m. Eastern Time on June 14, 2024. The company's common stock will start trading on a split-adjusted basis on the Nasdaq Capital Market beginning June 17, 2024, under a new CUSIP number 79400X404, while maintaining its existing trading symbol “SLRX.”

The primary aim of this reverse stock split is to help Salarius regain compliance with Nasdaq Capital Market’s $1.00 minimum closing bid price requirement for continued listing. The decision to implement the reverse stock split follows approval by Salarius’ stockholders at a special meeting held on May 9, 2024. At this meeting, the stockholders authorized the Board of Directors to amend the company's Certificate of Incorporation to facilitate a reverse split within a range of 1-for-4 to 1-for-8. Ultimately, the Board chose the specific ratio of 1-for-8.

To formalize the reverse stock split, Salarius will file a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of Delaware. The reverse stock split will uniformly affect all issued and outstanding shares of Salarius’ common stock, reducing the number of shares from approximately 4.7 million to roughly 0.6 million. Additionally, all outstanding options and warrants to purchase Salarius’ common stock will be adjusted to reflect the reverse split, as stipulated by their respective terms.

Furthermore, the shares reserved for future issuance under Salarius’ 2015 Equity Incentive Plan and the 2015 Employee Stock Purchase Plan will also be adjusted accordingly. However, the reverse stock split will not alter any stockholder's ownership percentage except in cases where fractional shares are involved. Stockholders will receive cash in place of such fractional shares, calculated based on the closing price per share of Salarius’ common stock as quoted on Nasdaq on June 14, 2024.

It is important to note that the number of authorized shares of both common and preferred stock will remain unchanged, as will the par values of these shares, which are $0.0001 per share. Equiniti Trust Company, LLC, is serving as the exchange and transfer agent for this reverse stock split. Equiniti will provide detailed instructions to stockholders with physical certificates on how to exchange their pre-split stock certificates for post-split shares in book-entry form, as well as how to obtain payments for any fractional shares.

For additional details regarding the reverse stock split, interested parties can refer to the Company’s Definitive Proxy Statement filed with the Securities and Exchange Commission (SEC) on March 26, 2024. This document is accessible on Salarius’ website at salariuspharma.com.

About Salarius Pharmaceuticals:

Salarius Pharmaceuticals, Inc. is a biopharmaceutical company at the clinical stage, focused on developing cancer therapies for patients who require new treatment options. The company’s leading product candidate, seclidemstat, is undergoing investigation as a potential therapy for pediatric cancers, sarcomas, and other cancers with limited treatment alternatives. Another product in development is SP-3164, an oral small molecule protein degrader intended for treating non-Hodgkin’s lymphoma. Salarius has garnered financial support from the National Pediatric Cancer Foundation for its Ewing sarcoma program and has received a Product Development Award from the Cancer Prevention and Research Institute of Texas (CPRIT).