WESTLAKE VILLAGE, Calif., Oct. 12, 2021 (GLOBE NEWSWIRE) — Inspyr Therapeutics, Inc. (“Inspyr”) announces (i) a 1:75 stock consolidation of its common stock and (ii) a restructuring of the holding company in which Rebus Holdings, Inc. (“Rebus”), a newly created entity, will serve as the new holding company that will replace Inspyr as a public company trading on OTC markets under the ticker symbol RBSH. The reverse stock split and the reorganization of the holding company will take place simultaneously.
Inspyr has completed a restructuring of buying out its rights to its now core RT-AR-001 asset and transitioning into a holding company structure. Management believes that the reacquisition of Adenosine’s assets and its new structure will lead to a more streamlined company that will increase shareholder value. A pre-IND meeting for RT-AR-001 was held with the FDA in the first quarter of 2021. Following this meeting, the company moved forward with manufacturing and non-clinical studies to support the submission of an IND . The company plans to deliver a new clinical update in the first half of 2022. The company is also in the process of launching and renaming its new corporate website at www.rebus-corp.com.
The Company anticipates that following the combination, it will be able to apply for listing of its common stock at the OTCQB level of the OTC Markets Group, and possibly apply for listing on a national stock exchange, in order to provide shareholders with additional liquidity and enable the company more flexibility in access to capital markets.
Immediately following the 1:75 reverse stock split, the existing common shares of Inspyr will be automatically converted, on a one-for-one basis, into common shares of Rebus having the same designation, rights, powers and preferences. and qualifications, limitations and restrictions as a unit of common stock of Inspyr immediately prior to the reorganization. The outstanding Inspyr convertible debt securities and warrants will be similarly converted on the same terms into similar securities of Rebus.
Accordingly, Inspyr shareholders will automatically become Rebus shareholders with the same percentage ownership of shares they held in Inspyr immediately prior to the reorganization. Inspyr will thereafter operate as a 100% subsidiary of Rebus.
Effective at market open on Tuesday, October 12, 2021, Inspyr will cease trading under NSPX and Rebus will begin trading under the new ticker symbol RBSH with a CUSIP of 75619J 103.
The board and officers of Inspyr immediately prior to the reorganization will continue to perform the same roles at Rebus.
The reorganization of the holding company, which aims to be a tax-exempt operation for US federal income tax purposes for shareholders, will modernize the operational and legal structure of the Company and provide financial and administrative flexibility.
About Inspyr Therapeutics, Inc.
Inspyr Therapeutics, Inc. is a pharmaceutical company focused on the research and development of novel targeted precision therapies for the treatment of cancer. Our approach uses our proprietary delivery technology to better enhance immunomodulation for better treatment outcomes. Our main potential asset in immuno-oncology, RT-AR-001, an adenosine receptor antagonist, is differentiated by its new formulation of microparticles which allows better tumor infiltration and better results when administered intra -tumor. Our proprietary portfolio of adenosine receptor antagonists provides the flexibility to optimize therapy based on the specific targets found in each cancer type.
Caution Regarding Forward-Looking Information:
This press release contains “forward-looking statements” made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to future and not past events and can often be identified by words such as “expect”, “anticipate”, “intend”, “plan”, “believe”, “seek”, or “will”. Forward-looking statements, by their nature, address matters that are, to varying degrees, uncertain. The specific risks and uncertainties that could cause our actual results to differ materially from those expressed in our forward-looking statements include the risks inherent in the development and commercialization of potential products, the uncertainty of clinical trial results or approvals or clearances. regulations, the need for future capital, dependence on employees and maintenance of our intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements. Additional information about potential factors that could affect our results and other risks and uncertainties are detailed from time to time in Inspyr’s (to be named Rebus Holdings, Inc.) periodic reports filed with the Securities and Exchange Commission. (SEC), including its annual report. on Form 10-K for the fiscal year ended December 31, 2020, its quarterly reports on Form 10-Q and in other reports filed with the SEC. We assume no obligation to update forward-looking statements.