INOVIO Implements Reverse Stock Split in Strategic Alignment with Nasdaq Standards
INOVIO, a biotechnology leader, has announced a reverse stock split of its common stock shares, effective at the close of business on January 24, 2024. This action is in response to the Nasdaq Capital Market’s minimum bid price requirement. Trading on a split-adjusted basis will begin on January 25, 2024, marking a significant moment for the company.
The reverse stock split will convert every 12 existing shares of common stock into a single share, without altering the par value per share. The consolidation, the total authorized shares of the company will remain at 600 million.
This adjustment will decrease the total number of issued and outstanding shares from roughly 280.1 million to approximately 23.3 million. The company emphasizes that this move will not affect shareholders’ proportional ownership interests, except for minor alterations due to the handling of fractional shares.
The company’s unwavering commitment to the development of DNA medicines for diseases such as HPV-related conditions, cancer, and infectious diseases is at the forefront of its operations. Its proprietary technology aims to direct the human body to autonomously generate therapeutic agents to combat these illnesses.
Accompanying the reverse stock split, there will be proportional adjustments to INOVIO’s outstanding stock options and the shares issuable under its equity incentive plans, reflecting the post-split share structure.
INOVIO’s forward-looking statements reaffirm its dedication to its business goals, including the implications of the reverse stock split for shareholders and option holders. The company’s primary focus is the advancement of its DNA medicine product pipeline and the enhancement of delivery mechanisms through electroporation technology.
The company’s endeavors are concentrated on demonstrating the safety and efficacy of its technology and products, with the ultimate aim of introducing groundbreaking treatments to the market. The reverse stock split is a calculated step to ensure that the company can persist in its mission to develop DNA medicines that could greatly influence public health.
INOVIO’s reverse stock split is a strategic maneuver to comply with Nasdaq’s listing prerequisites and to refine the company’s share structure. Its dedication to the advancement of DNA medicine technology is steadfast, as it continues to strive for innovative solutions to combat serious diseases. The company’s initiatives reflect a commitment to innovation and the pursuit of novel treatments that can contribute to improved health outcomes.
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