PLYMOUTH
MEETING, Pa., Jan. 23,
2024 /PRNewswire/ -- INOVIO (NASDAQ:INO), a
biotechnology company focused on developing and commercializing DNA
medicines to help treat and protect people from HPV-related
diseases, cancer and infectious diseases, today announced that a
1-for-12 reverse stock split of its outstanding shares of
common stock will be effective as of 5:00
p.m. Eastern Time on Wednesday, January 24, 2024.
The company's common stock will begin trading on a reverse stock
split-adjusted basis at the opening of the market on Thursday, January 25, 2024. Following the reverse
stock split, the company's common stock will continue to trade on
the Nasdaq Capital Market under the symbol "INO" with the new CUSIP
number, 45773H 409. The reverse stock split is part of the
company's plan to regain compliance with the minimum bid price
requirement for continued listing on the Nasdaq Capital Market.
At the effective time of the reverse split,
every 12 issued and outstanding shares of the company's
common stock will automatically be combined into one issued and
outstanding share of the company's common stock without any change
in the par value per share. Fractional shares will not be issued in
connection with the reverse stock split. Stockholders who would
otherwise be entitled to receive a fractional share will be
entitled to receive a cash payment. The reverse stock split will
affect all stockholders uniformly and will not alter any
stockholder's relative interest in the company's equity securities,
except for any adjustments for fractional shares. The reverse stock
split will not reduce the number of authorized shares of the
company's common stock, which will remain at 600,000,000 shares. In
addition, proportionate adjustments will be made to the number of
shares underlying, and the exercise or conversion prices of, the
company's outstanding stock options, and to the number of shares of
common stock issuable under the company's equity incentive
plans.
The reverse stock split will reduce the number of issued and
outstanding shares of the company's common stock from approximately
280.1 million to approximately 23.3 million.
About INOVIO
INOVIO is a biotechnology company focused
on developing and commercializing DNA medicines to help treat and
protect people from HPV-related diseases, cancer, and infectious
diseases. INOVIO's technology optimizes the design and delivery of
innovative DNA medicines that teach the body to manufacture its own
disease-fighting tools. For more information, visit
www.inovio.com.
INOVIO Forward-Looking Statements
This press
release contains certain forward-looking statements relating
to INOVIO's business, including those regarding
the reverse stock split and the timing thereof, the impact of the
reverse stock split on stockholders, including any adjustments that
may result from the treatment of fractional shares, and option
holders, the potential impact of the reverse stock split on the bid
price of the company's common stock, the potential for the company
to regain compliance with the minimum bid price requirement for
continued listing on the Nasdaq Capital Market, the
expected number of shares of common stock to be issued and
outstanding following the reverse stock split, and other statements
that are not historical fact. Actual events or results may differ
from the expectations set forth herein as a result of a number of
factors, including uncertainties inherent in pre-clinical studies,
clinical trials, product development programs and commercialization
activities and outcomes, the availability of funding to support
continuing research and studies in an effort to prove safety and
efficacy of electroporation technology as a delivery
mechanism or develop viable DNA medicines, INOVIO's
ability to support its pipeline of DNA medicine products, the
ability of INOVIO's collaborators to attain
development and commercial milestones for products INOVIO
licenses and product sales that will enable INOVIO
to receive future payments and royalties, the adequacy
of INOVIO's capital resources, the availability or
potential availability of alternative therapies or treatments for
the conditions targeted by INOVIO or its
collaborators, including alternatives that may be more efficacious
or cost effective than any therapy or treatment that INOVIO
and its collaborators hope to develop, issues involving
product liability, issues involving patents and whether they or
licenses to them will provide INOVIO with meaningful
protection from others using the covered technologies, whether such
proprietary rights are enforceable or defensible or infringe
or allegedly infringe on rights of others
or can withstand claims of invalidity and whether INOVIO
can finance or devote other significant resources that may be
necessary to prosecute, protect or defend them, the level of
corporate expenditures, assessments of INOVIO's
technology by potential corporate or other partners or
collaborators, capital market conditions, the impact of government
healthcare proposals and other factors set forth in INOVIO's
Annual Report on Form 10-K for the year ended December 31, 2022, its Quarterly Report on
Form 10-Q for the quarter ended September
30, 2023, and other filings INOVIO makes from
time to time with the Securities and Exchange Commission. There can
be no assurance that any product candidate in INOVIO's
pipeline will be successfully developed, manufactured, or
commercialized, that the results of clinical trials will be
supportive of regulatory approvals required to market products, or
that any of the forward-looking information provided herein will be
proven accurate. Forward-looking statements speak only as of the
date of this release, and INOVIO undertakes no
obligation to update or revise these statements, except as may be
required by law.
INOVIO Contacts
Media: Jennie
Willson, (267) 429-8567, jennie.willson@inovio.com
Investors: Thomas Hong, (267) 440-4298,
thomas.hong@inovio.com
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SOURCE INOVIO Pharmaceuticals, Inc.