Kiora Pharmaceuticals (KPRX) Announces 1:40 Reverse Stock Split

Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX) ("Kiora" or the "Company") announced that its stockholders authorized a reverse stock split of the Company's common stock. Following the annual stockholder meeting, the board of directors approved a reverse stock split of one share of common stock for every 40 shares of common stock. On The NASDAQ Capital Market, trading on a split-adjusted basis is expected to begin on Tuesday, September 27, 2022.

The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in the Company, except for minor changes due to the treatment of fractional shares as described below. Following the reverse stock split, the Company's total common shares outstanding will be reduced to approximately 1,079,078 shares. The number of authorized shares of the Company's common stock will remain at 50,000,000 and the par value will remain $0.01. The reverse stock split will also cause a proportional reduction in the number of warrants and stock options along with an associated increase in exercise prices. No fractional shares will be issued following the reverse stock split, and cash will be paid to holders in lieu of any fractional shares. The new CUSIP number for the common stock following the reverse stock split is 49721T 309.

The Company has retained its transfer agent, VStock Transfer, LLC ("VStock"), to act as exchange agent for the reverse stock split. VStock will manage the exchange of pre-split shares for post-split shares. Stockholders of record will receive a letter of transmittal providing instructions for the exchange of their shares. Stockholders who hold their shares in street name will be contacted by their banks or brokers with any instructions. For further information, stockholders and securities brokers should contact VStock by email at [email protected] or by telephone at (212) 828-8436.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor may there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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