Pharnext Announces a Reverse Stock Split and Suspension of the Right to Exercise All the Securities Giving Access to Pharnext's Share Capital Including the Conversions of Convertible Bonds

• 1 new share equals 5,000 old shares
• Begining of reverse stock split operation: Monday, October 24, 2022
• First trading day for post-reverse split shares: Wednesday, November 23, 2022
• Suspension of the right to exercise all the securities giving access to Pharnext's share capitalfrom Friday, October 21 to Tuesday November 22, 2022 (both included)

PARIS, FRANCE / ACCESSWIRE / October 3, 2022 / Pharnext SA (FR0011191287 - ALPHA) (the "Company"), an advanced late-clinical stage biopharmaceutical company developing novel therapeutics for neurodegenerative diseases with high unmet medical need, today announces that its Board of Directors decided to perform a reverse stock split on the shares comprising its capital stock whereby one new share with a nominal value of 1 euro will equal 5,000 old shares with a nominal value of 0.0002 euro, as authorized by Shareholders' meeting held on June 17th, 2022 under resolution # 8.

This reverse stock split operation aims at reducing Pharnext share price volatility and fostering its stabilization.

The reverse stock split is a share exchange transaction with no impact on the amount of share capital: only the par value of the share and, consequently, the number of outstanding shares are modified.

The reverse stock split operation will begin on Monday, October 24, 2022, and end on Tuesday, November 22, 2022.The first day of trading for the new post reverse split shares will be Wednesday, November 23, 2022.

The main terms of the operation as of today's date are as follows:

• Number of shares covered by reverse stock split: 3,989,334,569
• ISIN of pre-reverse split shares: FR0011191287
• Reverse split ratio: 1 new share equals 5,000 old shares
• Number of post-reverse split shares: : 797.866
• ISIN of post-reverse split shares: FR001400BV89

This operation will not impact the value of Pharnext shares held in shareholder portfolios, except with regard to fractional shares. Practically speaking, each shareholder will be automatically granted one new share per block of 5,000 old shares by their financial intermediary.

Shareholders holding an exact multiple of 5,000 shares on Tuesday November 22, 2022 will have nothing further to do.

Shareholders whose old shares do not convert into a whole number of new shares (i.e. who do not hold a multiple of 5,000 old shares) will be responsible for purchasing or selling the required number of old shares resulting in fractional shares, in order to obtain a multiple of 5,000 by Tuesday, November 22, 2022inclusive. After this deadline, shareholders who could not hold a multiple of 5,000 old shares will be automatically compensated of their fractional shares by their financial intermediary within 30 days from November 25, 2022.