Shares Expected to Begin Trading on Split-Adjusted Basis on November 5, 2024

Core Viewpoint - Qualigen Therapeutics, Inc. will implement a 1-for-50 reverse stock split effective November 5, 2024, to increase the bid price of its common stock and regain compliance with Nasdaq listing requirements [1][2]. Group 1: Reverse Stock Split Details - The reverse stock split will convert every 50 shares of pre-split common stock into one new share, reducing the number of outstanding shares from approximately 36.7 million to about 737 thousand [3]. - The number of authorized shares will remain unchanged, and stockholders entitled to fractional shares will receive cash in lieu of those shares [3][4]. - The reverse stock split will not affect the par value of the common stock [3]. Group 2: Compliance and Authorization - The reverse stock split was authorized by stockholders at the annual meeting held on October 25, 2024, with the final ratio determined by the Board of Directors [2]. - The action is intended to help the company meet the minimum bid price requirement for continued listing on The Nasdaq Capital Market [2]. Group 3: Administrative Process - The company's transfer agent, Equiniti Trust Company, LLC, will act as the exchange agent and notify stockholders of their new share count post-split [4]. - Stockholders holding shares through brokers or other nominees will have their positions adjusted automatically [4].