Nutriband Inc. Provides Update on Seven-for-Six Forward Stock Split

ORLANDO, FL / ACCESSWIRE / August 16, 2022 / Nutriband Inc. (NASDAQ:NTRB) (NASDAQ:NTRBW) ("Nutriband" or the "Company") announced today that the 7:6 forward split of its common stock was effective at the opening of trading on Friday, August 12, 2022, with a record date of Monday, August 15, 2022. At the effective time of the stock split, every six (6) shares of NTRB common stock were converted into seven (7) shares of common stock, without any change in the par value per share. Fractional shares of post-split common stock will not be issued, but will be rounded up to the nearest full share. Other than as a result of the rounding of fractional shares, the stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's equity.

As a result of the stock split, the per share exercise price of common stock purchase warrants issued in the public offering of our common stock on October 1, 2021, of which 822,004 warrants are outstanding as of today, will be decreased to $6.43 per share, and the number of shares that the warrant holder is entitled to purchase will be increased in the 7:6 ratio of the stock split. Proportional adjustments will be made to the number of shares of common stock issuable upon exercise or conversion of equity awards or other convertible securities issued by the Company, as well as to the applicable exercise or conversion prices thereof.

Holders of shares of common stock held in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the forward split and will see the impact of the forward split automatically reflected in their accounts. Beneficial holders may contact their bank, broker, or nominee for more information.

Shares of common stock issued in the stock split will be credited in book entry form. If you would rather receive a stock certificate, please follow instructions you will receive from our transfer agent, American Stock Transfer & Trust Company, LLC (AST). This document will provide information on the additional shares you will receive.

About Nutriband Inc.

We are primarily engaged in the development of a portfolio of transdermal pharmaceutical products. Our lead product under development is an abuse deterrent fentanyl patch incorporating our AVERSA ® technology. Aversa is an abuse deterrent transdermal technology that incorporates aversive agents to prevent the abuse, diversion, misuse and accidental exposure of drugs with abuse potential, specifically opioids.