Petros Pharmaceuticals Announces Reverse Stock Split

Common Stock Will Begin Trading on Split-Adjusted Basis on December 1, 2022

NEW YORK, NY / ACCESSWIRE / November 30, 2022 / Petros Pharmaceuticals, Inc. ("Petros" or "the Company") (Nasdaq:PTPI), a leading provider of therapeutics for men's health, today announced that it intends to effect a reverse stock split of its common stock at a ratio of 1 post-split share for every 10 pre-split shares. The reverse stock split will become effective at 4:05 p.m. on Wednesday, November 30, 2022. Petros' common stock will continue to be traded on the Nasdaq Stock Market under the symbol PTPI and will begin trading on a split-adjusted basis when the market opens on Thursday, December 1, 2022.

At the annual meeting of stockholders held on November 29, 2022, Petros' stockholders granted the Company's Board of Directors the discretion to effect a reverse stock split of Petros' common stock through an amendment to its Amended and Restated Certificate of Incorporation at a ratio of not less than 1-for-4 and not more than 1-for-10, with such ratio to be determined by the Company's Board of Directors.

At the effective time of the reverse stock split, every ten shares of Petros' issued and outstanding common stock will be converted automatically into one issued and outstanding share of common stock without any change in the par value per share. Stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-10 reverse stock split. It is not necessary for stockholders holding shares of the Company's common stock in certificated form to exchange their existing stock certificates for new stock certificates of the Company in connection with the reverse stock split, although stockholders may do so if they wish.

The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. Any fractional share of a stockholder resulting from the reverse stock split will be rounded up to the nearest whole number of shares. The reverse stock split will reduce the number of shares of Petros' common stock outstanding from 20,708,024 shares to approximately 2,070,803 shares. Proportional adjustments will be made to the number of shares of Petros' common stock issuable upon exercise or conversion of Petros' equity awards, convertible preferred stock and warrants, as well as the applicable exercise price. Stockholders with shares in brokerage accounts should direct any questions concerning the reverse stock split to their broker; all other stockholders may direct questions to the Company's transfer agent, Pacific Stock Transfer Co. by calling them at [phone] or writing them at 6725 Via Austi Parkway, Suite 300, Las Vegas, Nevada 89119.