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Acasti Announces 1-for-10 Reverse Stock Split

LAVAL, Quebec, Sept. 29, 2015 (GLOBE NEWSWIRE) -- Acasti Pharma Inc. ("Acasti" or the "Corporation") (NASDAQ:ACST) (TSX-V:APO), an emerging biopharmaceutical company focused on the research, development and commercialization of new krill oil-based forms of omega-3 phospholipid therapies for the treatment and prevention of certain cardiometabolic disorders, announces that in order to regain compliance with NASDAQ Minimum Bid Price Rules, it will consolidate the issued and outstanding Class A common shares ("Common Shares") of the Corporation (the "Consolidation") on the basis of one (1) post-Consolidation Common Share for every ten (10) pre-Consolidation Common Shares (the "Consolidation Ratio"), provided that each fractional Common Share that results from the Consolidation shall be rounded up.

Subject to approval by the TSX Venture Exchange and NASDAQ, the Consolidation should be effective at the open of trading on or around October 14, 2015 (the "Effective Date") and the Common Shares shall begin trading on the NASDAQ Stock Market and TSX Venture Exchange on a reverse split-adjusted basis on such date. There are currently 106,616,262 Common Shares issued and outstanding on a pre-Consolidation basis, which shall result into approximately 10,661,626 Common Shares issued and outstanding on a post-Consolidation basis.

On November 7, 2014 Acasti received notification from NASDAQ for not maintaining a minimum bid price of US$1.00 per share for 30 consecutive business days (Listing Rule 5550(a) (2)). On May 11, 2015, Acasti received a second notification from NASDAQ that it was eligible for an additional 180 calendar days to regain compliance. Acasti was granted the extension because it met the continued listing requirements for the market value of publicly held shares and all other initial listing standards for NASDAQ Capital Market (rule 5505 Capital Market criteria), except for the bid price requirement, which will now be resolved by implementing the Consolidation. Acasti also believes the Consolidation will allow the Corporation to attract a broader...