INOVIO Executes Reverse Stock Split in Strategic Alignment with Nasdaq Standards
INOVIO, a biotechnology entity at the forefront of DNA medicine innovation, has declared a pivotal corporate maneuver with the initiation of a 1-for-12 reverse stock split of its common stock. This adjustment is scheduled to be effective at the close of business on January 24, 2024. The following day, the company’s common stock will begin trading on a split-adjusted basis. This strategic decision is aimed at fulfilling the minimum bid price criterion essential for the company’s continued presence on the Nasdaq Capital Market.
The reverse stock split will amalgamate every 12 existing shares of INOVIO’s common stock into a single share, while the par value per share will be preserved. This measure is intended to be impartial, uniformly impacting all shareholders and preserving each shareholder’s proportional stake in the company’s equity, barring minor adjustments for fractional shares. The total authorized shares of common stock will remain at 600,000,000.
The company’s dedication to pioneering advancements in DNA-based treatments is unwavering. INOVIO’s expertise lies in crafting therapies and preventive measures for HPV-associated diseases, cancer, and a spectrum of infectious diseases. Its proprietary platform is engineered to enhance the creation and administration of DNA medicines that prompt the body’s own production of therapeutic agents.
Following the reverse stock split, the issued and outstanding shares of INOVIO’s common stock are anticipated to decrease from roughly 280.1 million to an estimated 23.3 million. Corresponding modifications will be applied to the company’s outstanding stock options and the shares allocable under its equity incentive plans to ensure equitable and proportional terms post-split.
INOVIO’s forward-looking statements project its ambitions and strategic intentions, including the expected repercussions of the reverse stock split for its shareholders and the company’s ability to meet Nasdaq’s listing prerequisites. The company’s trajectory is influenced by multiple elements, such as the advancement of pre-clinical studies, clinical trials, and the progression of its DNA medicine offerings. The maintenance of its product pipeline and the realization of milestones by its partners are vital to its continued prosperity.
INOVIO’s enactment of the reverse stock split represents a significant measure to comply with Nasdaq’s listing standards, underscoring the company’s proactive stance in corporate governance. Although the reverse stock split will recalibrate the number of shares in circulation, the firm’s commitment to the development of DNA medicines and its resolve to tackle major health issues persists.
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