A Federal Court authorized this notice. This is not a solicitation from a lawyer.
Notice of Proposed Settlement: This Notice has been issued pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of Connecticut (“Court”).1 Please be advised that the Court-appointed Class Representatives Tonya Hills (“Hills”) and the Oklahoma Law Enforcement Retirement System (“OLERS” and together with Hills, “Plaintiffs” or “Class Representatives”) have reached a proposed settlement of the above-captioned securities class action for $9,750,000 in cash (“Settlement”) with defendants BioXcel Therapeutics, Inc. (“BioXcel” or the “Company”), Vimal Mehta, Richard Steinhart, and Robert Risinger (collectively, “Defendants”). If approved by the Court, the Settlement will resolve all claims in the Litigation, including Class Representatives’ claims that Defendants allegedly violated the federal securities laws by making materially false or misleading statements and omissions during the Class Period. The history of the Litigation and the claims being released by the Settlement are detailed below.
PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY. YOUR RIGHTS MAY BE AFFECTED BY PROCEEDINGS IN THIS ACTION. PLEASE NOTE THAT IF YOU ARE A SETTLEMENT CLASS MEMBER, YOU MAY BE ENTITLED TO SHARE IN THE PROCEEDS OF THE SETTLEMENT DESCRIBED IN THIS NOTICE. TO CLAIM YOUR SHARE OF THE PROCEEDS OF THE SETTLEMENT, YOU MUST SUBMIT A VALID PROOF OF CLAIM AND RELEASE FORM (“PROOF OF CLAIM”) POSTMARKED OR SUBMITTED ONLINE ON OR BEFORE JUNE 30, 2026.
Shares and Time Period: BioXcel Therapeutics, Inc. (“BioXcel” or the “Company”) common stock (CUSIP: 09075P204) purchased between March 9, 2023 and June 28, 2023, both dates inclusive (the “Class Period”).
Settlement Amount: $9,750,000.00 in cash. Your recovery will depend on the amount of shares purchased and the timing of your purchases and any sales. Depending on the number of eligible shares that participate in the Settlement and when those shares were purchased and sold, Class Representatives estimate the average cash recovery per share of common stock will be approximately $1.52 per share (assuming claims representing all eligible shares are filed) before deduction of court-approved fees and expenses.
Reasons for Settlement: Class Representatives’ principal reason for entering into the Settlement is the substantial certain cash benefit for the Settlement Class and the avoidance of the costs and risks associated with continued litigation, including the danger of no recovery for Settlement Class Members. Defendants are entering into the Settlement solely to eliminate the uncertainty, burden, and expense of further protracted litigation.
If the Class Action Had Not Settled: Continuing with the case could have resulted in dismissal or loss at trial. The two sides do not agree on the amount of money that could have been won if Class Representatives prevailed at trial. The parties also disagree on: (1) the method for determining whether the price of BioXcel common stock was artificially inflated during the relevant period; (2) the amount of any such inflation; (3) the extent that various statements and/or omissions alleged by Class Representatives were materially false or misleading; (4) whether Defendants knew or were recklessly unaware of the alleged misconducts; and (5) whether the statements and/or omissions alleged were material, false, misleading, or otherwise actionable under the securities laws.
Attorneys’ Fees and Expenses: Class Representatives are represented by Lead Counsel. Lead Counsel have not received any payment for their work investigating the facts, conducting this Litigation, or negotiating the Settlement on behalf of Class Representatives and the Settlement Class. Court-appointed Lead Counsel will ask the Court for an award of attorneys’ fees equal to or less than $2,437,500, which amounts to 25% of the Settlement Fund, and reimbursement of out-of-pocket litigation expenses not to exceed $225,000 to be paid from the Settlement Fund. If the above amounts are requested and approved by the Court, the average cost per share of common stock will be $0.42.
Deadlines:
Submit Claim: June 30, 2026
Request Exclusion: August 5, 2026
File Objection: August 5, 2026
Court Hearing on Fairness of Settlement: September 2, 2026 at 10:30 a.m.
More Information: www.BioXcelSecuritiesSettlement.com or
| Claims Administrator: | lead counsel: |
|---|---|
| Hills et al. v. BioXcel Therapeutics, Inc., et al. Strategic Claims Services 600 N. Jackson St., Suite 205 P.O. Box 230 Media, PA 19063 Toll-free: (866) 274-4004 Fax: (610) 565-7985 Email: info@strategicclaims.net | Adam M. Apton, Esq. LEVI & KORSINSKY, LLP 33 Whitehall Street, 27th Floor New York, NY 10004 aapton@zlk.com Abe Alexander GRANT & EISENHOFER P.A 485 Lexington Avenue New York, NY 10017 aalexander@gelaw.com |
| SUBMIT A CLAIM FORM | The only way to get a payment | |
| EXCLUDE YOURSELF | Get no payment. This is the only option that allows you to participate in another lawsuit against the Defendants relating to the legal claims in this case. | |
| OBJECT | You may write to the Court if you do not like this Settlement. If you object, you will still be a Member of the Settlement Class. | |
| GO TO A HEARING | You may ask to speak in Court about the fairness of the Settlement. | |
| DO NOTHING | Get no payment and give up your rights to bring your own individual action. |
These rights and options – and the deadlines to exercise them – are explained in this Notice.
The Court in charge of this case must decide whether to approve the Settlement. Payments will be made if the Court approves the Settlement and, if there are any appeals, after appeals are resolved. Please be patient.
1 All capitalized terms not defined in this Notice have the meanings provided in the Stipulation of Settlement, filed with the Court on February 27, 2026 (“Stipulation”). The Stipulation can be viewed at www.BioXcelSecuritiesSettlement.com.