Aeterna Zentaris Announces Effective Date of Share Consolidation

TORONTO, ON, May 01, 2024 (GLOBE NEWSWIRE) -- Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZS) (“Aeterna” or the “Company”) announces that it has filed articles of amendment to effect the previously announced share consolidation (or reverse stock split) (the “Consolidation”) of its issued and outstanding common shares (the “Common Shares”) on the basis of one post-Consolidation Common Share for every four pre-Consolidation Common Shares.

The Consolidation was approved by shareholders of Aeterna at the Company’s special meeting of shareholders held on March 12, 2024 along with other matters related to the merger of equals transaction with Ceapro Inc. (“Ceapro”) pursuant to a plan of arrangement (the “Transaction”).

The Consolidation will reduce the number of Common Shares issued and outstanding from approximately 4,855,876 Common Shares to approximately 1,213,969 Common Shares, subject to the elimination of fractional Common Shares. The Common Shares are expected to commence trading on the Toronto Stock Exchange (the “TSX”) and on the Nasdaq Capital Market on a post-Consolidation basis on or about the opening of trading on May 3, 2024 (the “Effective Time”).

The Company’s transfer agent, Computershare Trust Company of Canada, or its affiliates, will be sending a letter of transmittal to the registered holders of Common Shares. The letter of transmittal will contain instructions on how to surrender Common Share certificate(s) representing pre-Consolidation Common Shares to the transfer agent. Shareholders may also obtain a copy of the letter of transmittal by accessing the Company’s SEDAR+ profile at www.sedarplus.ca or the Company’s EDGAR profile at www.sec.gov. Until surrendered, each certificate representing pre-Consolidation Common Shares will be deemed for all purposes to represent the number of Common Shares to which the holder thereof is entitled as a result of the Consolidation as of and from the Effective Time. If shareholders hold their Common Shares through an intermediary and they have questions in this regard, they are encouraged to contact their intermediaries.

The new CUSIP number for the Common Shares following the Consolidation is 007975600 and the new ISIN number is CA00079756007.

Common Shares to be issued to Ceapro shareholders under the Transaction will be post-Consolidation Common Shares, and the exchange ratio to be used in connection with such issuance will be adjusted accordingly. Subject to obtaining all required approvals and satisfying all required conditions, the Transaction is expected to close in the second quarter of 2024.