Quoin Pharmaceuticals : Modification to Rights of Security Holders - Form 8-K
November 06, 2023 at 04:25 pm EST
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Item 3.03
Material Modification to Rights of Security Holders.
As previously reported by Quoin Pharmaceuticals Ltd. ("Quoin" or the "Company"), at the Annual General Meeting of the Company's shareholders ("Annual Meeting") held on October 26, 2023, shareholders approved amendments to the Company's Amended and Restated Articles of Association, as amended (the "Articles"), to: (i) increase the registered share capital from 500,000,000,000 ordinary shares, no par value, to 6,000,000,000,000 ordinary shares, no par value; and (ii) effect a reverse split (the "Reverse Split") of Quoin's ordinary shares at a ratio of 1-for-60,000 (the "Reverse Split Ratio"), effective on a date to be determined by the Board of Directors of the Company (the "Board").
On November 5, 2023, the Board approved November 8, 2023 as the effective date of the Reverse Split. Effective as of November 8, 2023, in connection with the Reverse Split, the registered share capital of the Company will be proportionately reduced from 6,000,000,000,000 ordinary shares, no par value, to 100,000,000 ordinary shares, no par value, and the number of ordinary shares registered on applicable registration statements filed with the Securities and Exchange Commission by the Company will be also proportionately reduced to reflect the Reverse Split Ratio.
The Company's ordinary shares are evidenced by American Depositary Shares ("ADSs"), with one ADS representing sixty thousand (60,000) ordinary shares. Effective November 8, 2023, the Reverse Split will result in one ADS representing one ordinary share.
Quoin Pharmaceuticals Ltd. published this content on 06 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 November 2023 21:24:26 UTC.
Quoin Pharmaceuticals Ltd, former Cellect Biotechnology Ltd, is an Israel-based specialty pharmaceutical company, focused on developing and commercializing therapeutic products that treat rare and orphan diseases. The Companyâs first lead product is QRX003, a once daily, topical lotion comprised of a broad-spectrum serine protease inhibitor, formulated with the proprietary Invisicare technology, to treat Netherton Syndrome. The product going to be developed for other rare dermatological diseases including Peeling Skin Syndrome, SAM Syndrome, and Palmoplantar Keratoderma. Quoin is also developing QRX004 as a potential treatment for Dystrophic Epidermolysis Bullosa, and QRX006 as a potential therapy for an, as of yet, undisclosed rare skin disease.
QUOIN PHARMACEUTICALS, LTD. 
