GeoVax Announces 1-for-15 Reverse Stock Split to Regain Compliance with Nasdaq Minimum Bid Requirement
29 Gennaio 2024 - 3:00PM
via NewMediaWire – GeoVax Labs, Inc. (Nasdaq: GOVX), a
biotechnology company developing immunotherapies and vaccines
against cancers and infectious diseases, today announced
that the Company's Board of Directors has approved a reverse stock
split of its issued and outstanding shares of common stock, par
value $0.001 per share (the "Common Stock"), at a ratio of
1-for-15. The Company is effecting the reverse split to regain
compliance with the $1.00 minimum bid price required for continued
listing on The Nasdaq Capital Market under Nasdaq Listing Rule
5550(a)(2). The reverse stock split was approved by the Company's
stockholders at a meeting held January 16, 2024.
The reverse stock split will become effective on
January 30, 2024 (the "Effective Date"), and the Common Stock is
expected to begin trading on the split-adjusted basis on the Nasdaq
Stock Exchange ("Nasdaq") at the market open on January 31, 2024.
Following the reverse split, the Common Stock will continue to
trade under the symbol “GOVX”, and the Company’s publicly traded
warrants will continue to trade under the symbol “GOVXW”.
On the Effective Date, every 15 issued and
outstanding shares of the Company's Common Stock will be converted
automatically into one share of the Company's Common Stock without
any change in the par value per share. The total number of issued
and outstanding shares of Common Stock will therefore be reduced
proportionately from 29,757,823 shares to approximately 1,983,855
shares. On the Effective Date, the publicly traded warrants will be
adjusted to require fifteen (15) warrants to be exercised to
receive one (1) share of common stock at a price of $75 per
share.
Immediately after the reverse stock split, each
stockholder's percentage ownership interest in the Company and
proportional voting power will remain unchanged, except for minor
changes and adjustments that will result from the rounding up of
any fractional shares to the next whole number of shares. The
rights and privileges of the holders of shares of Common Stock will
be substantially unaffected by the reverse stock split.
About GeoVaxGeoVax Labs, Inc. is a
clinical-stage biotechnology company developing novel therapies and
vaccines for solid tumor cancers and many of the world’s most
threatening infectious diseases. The company’s lead program in
oncology is a novel oncolytic solid tumor gene-directed therapy,
Gedeptin®, presently in a multicenter Phase 1/2 clinical trial for
advanced head and neck cancers. GeoVax’s lead infectious disease
candidate is GEO-CM04S1, a next-generation COVID-19 vaccine
targeting high-risk immunocompromised patient populations.
Currently in three Phase 2 clinical trials, GEO-CM04S1 is being
evaluated as a primary vaccine for immunocompromised patients such
as those suffering from hematologic cancers and other patient
populations for whom the current authorized COVID-19 vaccines are
insufficient, and as a booster vaccine in patients with chronic
lymphocytic leukemia (CLL). In addition, GEO-CM04S1 is in a Phase 2
clinical trial evaluating the vaccine as a more robust, durable
COVID-19 booster among healthy patients who previously received the
mRNA vaccines. GeoVax has a leadership team who have driven
significant value creation across multiple life science companies
over the past several decades. For more information, visit our
website: www.geovax.com.
Forward-Looking StatementsThis release contains
forward-looking statements regarding GeoVax’s business plans. The
words “believe,” “look forward to,” “may,” “estimate,” “continue,”
“anticipate,” “intend,” “should,” “plan,” “could,” “target,”
“potential,” “is likely,” “will,” “expect” and similar expressions,
as they relate to us, are intended to identify forward-looking
statements. We have based these forward-looking statements largely
on our current expectations and projections about future events and
financial trends that we believe may affect our financial
condition, results of operations, business strategy and financial
needs. Actual results may differ materially from those included in
these statements due to a variety of factors, including whether:
GeoVax is able to obtain acceptable results from ongoing or future
clinical trials of its investigational products, GeoVax’s
immuno-oncology products and preventative vaccines can provoke the
desired responses, and those products or vaccines can be used
effectively, GeoVax’s viral vector technology adequately amplifies
immune responses to cancer antigens, GeoVax can develop and
manufacture its immuno-oncology products and preventative vaccines
with the desired characteristics in a timely manner, GeoVax’s
immuno-oncology products and preventative vaccines will be safe for
human use, GeoVax’s vaccines will effectively prevent targeted
infections in humans, GeoVax’s immuno-oncology products and
preventative vaccines will receive regulatory approvals necessary
to be licensed and marketed, GeoVax raises required capital to
complete development, there is development of competitive products
that may be more effective or easier to use than GeoVax’s products,
GeoVax will be able to enter into favorable manufacturing and
distribution agreements, and other factors, over which GeoVax has
no control.
Further information on our risk factors is
contained in our periodic reports on Form 10-Q and Form 10-K that
we have filed and will file with the SEC. Any forward-looking
statement made by us herein speaks only as of the date on which it
is made. Factors or events that could cause our actual results to
differ may emerge from time to time, and it is not possible for us
to predict all of them. We undertake no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by law.
Company Contact: |
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Investor Relations Contact: |
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Media Contact: |
info@geovax.com |
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paige.kelly@sternir.com |
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sr@roberts-communications.com |
678-384-7220 |
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212-698-8699 |
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202-779-0929 |
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