INOVIO Executes Reverse Stock Split in Strategic Alignment with Nasdaq Standards

INOVIO, a biotechnology innovator, has recently undertaken a corporate maneuver by initiating a reverse stock split of its common stock at a ratio of 1-for-12. This action is scheduled to take effect after the market closes on January 24, 2024, with trading on the adjusted basis set to commence on the subsequent day. The change, the company’s trading symbol, “INO,” will persist on the Nasdaq Capital Market, accompanied by a new CUSIP number.

This decisive move is aimed at fulfilling the Nasdaq Capital Market’s minimum bid price criterion, thereby securing the company’s position on the exchange. The consolidation process will convert every 12 current shares into a single share, with the par value remaining constant. The adjustment will not generate fractional shares; instead, shareholders will be compensated in cash for any fractional shares they would have otherwise received. The total authorized shares of the company will continue to be 600 million, with corresponding modifications to be applied to existing stock options and equity incentive plans.

The equity structure of INOVIO will undergo a significant transformation, with the total number of shares issued and outstanding decreasing from approximately 280.1 million to an estimated 23.3 million. This alteration is intended to impact all shareholders equally, thus preserving their proportional ownership interests in the company, except for the fractional share settlements.

INOVIO has established itself as a leader in the development of DNA medicines aimed at treating and preventing a range of diseases, such as HPV-related conditions, cancer, and infectious diseases. The company’s proprietary platform is designed to enhance the creation and administration of DNA medicines that prompt the body to generate its own therapeutic substances.

The company has expressed forward-looking perspectives regarding the implications of the reverse stock split, including its potential influence on shareholder value and adherence to trading regulations. While the future holds inherent uncertainties, INOVIO remains committed to its mission of pioneering DNA medicine development and bolstering its product pipeline.

INOVIO’s recent declaration of a reverse stock split underscores its proactive stance in upholding compliance with Nasdaq’s listing prerequisites and its dedication to robust corporate governance. The company’s unwavering concentration on the innovation of DNA medicines propels its operational activities and its mission to meet critical healthcare needs. As the company progresses, it continues to affirm its dedication to the biotechnological sector, contributing to the evolution of medical science and enhancing the health of individuals across the globe.2024-01-26T17:27:18.254Z