PTI - Proteostasis Therapeutics completes merger with Yumanity Therapeutics effects 1-for-20 reverse stock split

Proteostasis Therapeutics ([[PTI]]) and Yumanity Therapeutics have completed its reverse merger.The combined company will operate under the name Yumanity Therapeutics and its shares will commence trading on the Nasdaq Capital Market on December 23, 2020, under the ticker symbol "YMTX."Following the completion of the merger, all of Yumanity's outstanding equity was converted into Proteostasis common stock and securities convertible into or exercisable for Proteostasis common stock. Further, the former  PTI and Yumanity shareholders will own ~29.7%% and ~70.3% of the combined company, respectively.The combined company will have nine directors including two Proteostasis directors, David Arkowitz and Kim Drapkin, and the existing Yumanity Directors; Dr. Tony Coles will serve as executive chairperson. Yumanity plans to explore strategic alternatives for the Proteostasis assets.Additionally, Proteostasis' board has approved a reverse stock split of the Proteostasis common stock at a ratio of 1-for-20, every 20 shares of Proteostasis common stock issued and outstanding immediately prior to the effective time of

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Proteostasis Therapeutics completes merger with Yumanity Therapeutics, effects 1-for-20 reverse stock split