NEW YORK, May 8, 2020 /PRNewswire/ -- AIkido Pharma Inc. (Nasdaq: AIKI) ("AIkido" or the "Company") today announced that Hoth Therapeutics Inc. registered the stock to be distributed on April 3 2020.(https://www.sec.gov/Archives/edgar/data/1711786/000121390020008546/ea120229-s1_hoththerape.htm). The registration was declared effective and the Prospectus was filed on May 7, 2020.(https://www.sec.gov/Archives/edgar/data/1711786/000121390020011222/ea121442-424b3_hoththerap.htm). We thank Hoth for their assistance.
In order to effectuate the distribution, the physical stock certificate underlying the shares of Hoth common stock held by AIkido must be physically delivered to Hoth's transfer agent. That physical stock certificate is currently being held in a vault at The Depository Trust Company ("DTC") (https://www.dtcc.com). The Company has been advised by DTC that unfortunately, due to ongoing concerns related to the current global COVID-19 pandemic, DTC has issued an alert (https://www.dtcc.com/-/media/Files/pdf/2020/4/30/13352-20.pdf) notifying companies that all "Physical Securities Processing" services are currently suspended and DTC will reassess the current circumstances and provide an update on Friday, May 15, 2020. Until DTC resumes "Physical Securities Processing", DTC is unable to deliver the physical stock certificate underlying the shares of Hoth common stock to Hoth's transfer agent, resulting in a delay of the actual distribution.
The Company will update stockholders on the date of distribution as soon as possible. Stockholders should note that the record date for the distribution has not changed and individuals who were stockholders at 5:00 p.m. on April 30, 2020 will still be receiving the distribution. No further action by shareholders is necessary to receive the distribution. We regret the delay and frustration this may cause the Company's stockholders.
AIkido was initially formed in 1967 and is a biotechnology company with a diverse portfolio of small-molecule anti-cancer therapeutics. The Company's platform consists of patented technology from leading universities and researchers and we are currently in the process of developing an innovative therapeutic drug platform through strong partnerships with world renowned educational institutions, including The University of Texas at Austin and Wake Forest University. Our diverse pipeline of therapeutics includes therapies for pancreatic cancer, acute myeloid leukemia (AML) and acute lymphoblastic leukemia (ALL). In addition, we are constantly seeking to grow our pipeline to treat unmet medical needs in oncology
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the SEC, not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
SOURCE AIkido Pharma Inc.