Cassava Sciences Completes Dividend Distribution of Warrants to Shareholders

• Shareholders of Record Received Warrants to Purchase Shares of Common Stock
• Warrants Trade on Nasdaq Under the Ticker “SAVAW”
• Warrant Holders Who Choose to Exercise During an Early Period Will Receive an Additional 0.5 of a Common Share Per Warrant
  

AUSTIN, Texas, Jan. 05, 2024 (GLOBE NEWSWIRE) -- Cassava Sciences, Inc. (Nasdaq: SAVA) ("Cassava Sciences" or the "Company") today announced the completion of a previously announced distribution of warrants (the “Warrants”) to its shareholders. The Warrants now trade on Nasdaq under the ticker SAVAW.

Stockholders received four (4) Warrants for each ten (10) shares of the Company’s common stock held as of December 22, 2023 (the “Record Date”), rounded down to the nearest whole number for any fractional warrant. As an example, a shareholder who owned 1,000 shares of Cassava Sciences as of the Record Date received a distribution of 400 Warrants on January 3, 2024. Each Warrant entitles the holder to purchase, at the holder’s sole and exclusive election, one share of Cassava Sciences’ common stock at an initial exercise price of $33.00 per share plus, as applicable and as described below, the Bonus Share Fraction.

Warrant holders may cash-exercise their Warrants, or they may sell their Warrants on the open market. Cassava Sciences will receive cash proceeds only from Warrant holders who exercise their Warrants under the terms and conditions of a warrant agreement filed with the U.S. Securities and Exchange Commission (“SEC”).

All Warrants will expire on Friday, November 15, 2024, at 5:00 p.m. New York City time, unless redeemed by the Company before that date. The Warrants will be redeemable by the Company on or after April 15, 2024, upon 20 calendar days’ notice. Warrants will have no financial value after they expire or are redeemed by the Company, whichever comes first.

Details of Bonus Share Program
All Warrant holders may participate in the Bonus Share Program. The Bonus Share Fraction entitles a holder to receive an additional 0.5 of a share of common stock for each Warrant exercised (the “Bonus Share Fraction”) without payment of any additional exercise price. The right to receive the Bonus Share Fraction will expire at 5:00 p.m. New York City time (the “Bonus Share Expiration Date”) upon the earlier of (i) the first business day following the last day of the first 30 consecutive trading day period, commencing on or after January 3, 2024, in which the daily volume weighted average price (“VWAP”) of the shares of common stock has been at least equal to a specified price, initially $26.40 per share, for at least 20 trading days (whether or not consecutive) (the “Bonus Price Condition”) and (ii) the date specified by the Company upon not less than 20 business days’ public notice. Any Warrant exercised after the Bonus Share Expiration Date will not be entitled to the Bonus Share Fraction. Cassava Sciences will make a public announcement of the Bonus Share Expiration Date (i) prior to market open on the Bonus Share Expiration Date in the case of a Bonus Price Condition and (ii) at least 20 business days prior to such date, in the case of the Company setting a Bonus Share Expiration Date.