Vaccinex, Inc. Announces 1-For-14 Reverse Stock Split

Author: Benzinga Newsdesk | February 15, 2024 09:06am

Vaccinex, Inc., (NASDAQ:VCNX), a clinical-stage biotechnology company pioneering a differentiated approach to treating neurodegenerative disease and cancer through the inhibition of SEMA4D, today announced that it will effect a 1-for-14 reverse stock split of its issued common stock, effective at 5:00 p.m. Eastern Time on Monday, February 19, 2024. Beginning Tuesday, February 20, 2024, the Company's common stock will trade on a split-adjusted basis.

At the Company's Special Meeting of Stockholders held on February 8, 2024, the Company's stockholders approved a proposal to authorize a reverse stock split of the Company's common stock, at a ratio of 1-for-4, 1-for-6, 1-for-8, 1-for-10, 1-for-12, and 1-for-14, as to be determined by the Company's Board of Directors. The Board of Directors approved a 1-for-14 reverse split ratio, and on Wednesday, February 14, 2024, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation to effect the reverse stock split effective as of 5:00 p.m. Eastern Time on Monday, February 19, 2024 (the "Effective Time").

The Company's Board of Directors implemented the reverse stock split with the objective of regaining compliance with the $1.00 minimum bid price requirement of The Nasdaq Capital Market. The Company has until March 4, 2024 to comply with this requirement. To evidence compliance with this requirement, the closing bid price of the Company's common stock must be at least $1.00 per share for a minimum of 10 consecutive business days by March 4, 2024.

The Company's shares of common stock will continue to trade on The Nasdaq Capital Market under the symbol "VCNX." The new CUSIP number for the Company's common stock post-reverse stock split is 918640301.

Posted In: VCNX