Addex Therapeutics Ltd (SIX: ADXN, Nasdaq: ADXN), a clinical-stage pharmaceutical company pioneering allosteric modulation-based drug discovery and development, announced today the reduction of the nominal value of its issued, authorized and conditional share capital from CHF 1.00 to CHF 0.01, following the expiration of a period of two months after the third creditor call in The Swiss Gazette of Commerce in accordance with article 732 of Swiss Code of Obligations. The reduction was accepted by shareholders at the Annual General Meeting held on May 9, 2022. The issued share capital remains at 65,272,952 shares and the authorized and conditional capital remain at 32,636,476 shares, respectively. The revised nominal value of CHF0.01 is expected to become effective on the SIX Swiss Exchange on July 26, 2022.
“The reduction in the nominal value of our shares from CHF 1.00 to CHF 0.01 is an important step to removing technical barriers and ensuring future financing flexibility so we can deliver on the potential of our portfolio of drug candidates,” said Tim Dyer CEO of Addex.