Tomorrow is Last Day to Trade SAVAW Warrants on NASDAQ

• End-of-day, Thursday, May 2, 2024, Will be the Last and Final Day to Trade SAVAW Warrants on NASDAQ.
  
• Monday, May 6, 2024, Will be the Last and Final Day to Cash-Exercise SAVAW Warrants.
• ‘Notice of Guaranteed Delivery’ Is Available for Warrant Exercises.
  

AUSTIN, Texas, May 01, 2024 (GLOBE NEWSWIRE) -- Cassava Sciences, Inc. (NASDAQ: SAVA) (“Cassava Sciences” or the "Company") has been advised by NASDAQ that end-of-day (“EOD”) tomorrow May 2, 2024, will be the last and final trading day for SAVAW warrants on NASDAQ. After EOD May 2, the Company expects NASDAQ to no longer accept or execute any trade for SAVAW warrants.

As a reminder, holders of SAVAW warrants are able to cash-exercise their warrants until 5pm New York time, Monday, May 6, 2024 for an exercise price of $33.00 per warrant. Holders who exercise SAVAW warrants will receive 1.5 shares of Cassava Sciences’ common stock per warrant, for an effective price of approximately $22.00 per common share. There will be no opportunity to exercise SAVAW warrants after 5pm New York time, Monday, May 6, 2024.

In addition, as an accommodation to SAVAW warrant holders, today the Company has instituted a process by which SAVAW warrant holders may cash-exercise their warrants using the Notice of Guaranteed Delivery for Exercise of Warrants (the “Notice”). The Company is offering holders of SAVAW warrants the opportunity to use the Notice if the procedures used by a financial institution for the exercise of SAVAW warrants cannot be completed by that financial institution on a timely basis before 5:00 p.m. New York City time on May 6, 2024.

It is important to note that SAVAW warrant holders who wish to cash-exercise their warrants must submit the Notice and the payment of the exercise price before 5:00 p.m. New York City time on May 6, 2024. Please refer to the Notice itself for detailed information regarding its use.   

We highly encourage holders of SAVAW warrants to allow sufficient time for their financial institutions to process their warrant exercise (including by use of the Notice) prior to the deadline of May 6th, 5pm New York City time. There will be no opportunity to exercise SAVAW warrants after this deadline.

Any SAVAW warrants that are not validly exercised by 5:00 p.m. New York City time on May 6, 2024 (including by valid use of the Notice) will be redeemed by the Company on May 7, 2024 (the “Redemption Date”) for a nominal payment of $0.001 per warrant (the “Redemption Price”). SAVAW warrants shall terminate and expire upon payment of the Redemption Price on the Redemption Date. The Redemption Price will become due and payable with respect to each outstanding warrant on the Redemption Date.