ROCHESTER, N.Y. - Vaccinex, Inc. (NASDAQ: NASDAQ:VCNX), a clinical-stage biotech company, has declared a 1-for-14 reverse stock split of its issued common stock, which will take effect after market close on Monday, February 19, 2024. The company's shares will begin trading on a split-adjusted basis starting Tuesday, February 20, 2024.
This corporate action follows the approval from Vaccinex's stockholders at a Special Meeting held on February 8, 2024, where various reverse stock split ratios were proposed. The Board of Directors decided on the 1-for-14 ratio, with the aim of regaining compliance with the Nasdaq Capital Market's $1.00 minimum bid price requirement. The company has until March 4, 2024, to meet this standard, which necessitates the closing bid price of Vaccinex’s common stock to be at least $1.00 per share for a minimum of 10 consecutive business days.
In the reverse stock split, every fourteen shares of issued common stock will be consolidated into one share. This action will uniformly affect all stockholders and will not alter any stockholder's percentage of equity ownership, except for adjustments for fractional shares, which will be rounded up to the next whole share. There will be no change to the total number of authorized shares of common stock.
The number of shares available for issuance under the company’s equity incentive plans and the exercise prices of outstanding options will be proportionately adjusted to reflect the reverse stock split. Computershare, Inc., Vaccinex’s transfer agent, will provide stockholders with a transaction statement indicating their post-reverse stock split shareholdings. Those owning shares through brokers or other nominees will see their positions automatically adjusted.
Vaccinex specializes in the inhibition of semaphorin 4D (SEMA4D) to treat neurodegenerative diseases and cancer. Its lead drug candidate, pepinemab, is currently in various stages of clinical trials for conditions such as Alzheimer's Disease and Huntington's Disease, as well as in combination therapies for certain cancers.
This announcement is based on a press release statement.
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