Latest news with #reverseStockSplit
Associated Press
2 days ago
- Business
- Associated Press
ClearOne, Inc. Announces 1-for-15 Reverse Stock Split
SALT LAKE CITY--(BUSINESS WIRE)--Jun 2, 2025-- At a special meeting of stockholders held on May 30, 2025 (the 'Special Meeting') of ClearOne, Inc. (NASDAQ: CLRO), the Company's stockholders approved a proposal to authorize a reverse stock split of the Company's issued and outstanding common stock, par value $0.001 per share (the 'Common Stock') by a ratio of between 1-for-10 and 1-for-15. On May 21, 2025, the Company had previously announced that the Company expected to effect a 1-for-15 reverse stock split with a market effective date of June 3, 2025. Today the Company announced that the Company will effect a 1-for-15 reverse stock split of the Company's issued and outstanding Common Stock (the 'Reverse Stock Split') effective at 5:00 p.m. Eastern time on June 9, 2025 (the 'Effective Time'). The Company's Common Stock will begin trading on a reverse stock split adjusted basis on The Nasdaq Capital Market at market open on June 10, 2025. The Company's Board of Directors has approved the 1-for-15 reverse split ratio and has filed with the Delaware Secretary of State a Certificate of Amendment to its Certificate of Incorporation to effect the Reverse Stock Split at the Effective Time. The Reverse Stock Split is primarily intended to increase the Company's per share market price of its Common Stock to regain compliance with the minimum per share bid price requirement for continued listing on The Nasdaq Capital Market. The Company's common stock will continue to trade on The Nasdaq Capital Market under the trading symbol 'CLRO,' but will trade under the following new CUSIP number: 18506U203. As a result of the Reverse Stock Split, every 15 shares of the Company's issued and outstanding Common Stock will be automatically combined into one new share of Common Stock. No fractional shares will be issued in connection with the Reverse Stock Split. Any fraction of a share resulting from the Reverse Stock Split will be converted to one whole share of Common Stock in lieu of such fractional shares. The par value per share of Common Stock will remain unchanged at $0.001. Proportional adjustments will be made to the number of shares of Common Stock issuable upon the exercise of the Company's outstanding stock options and warrants, and the number of shares authorized and reserved for issuance pursuant to the Company's equity incentive plans. The Reverse Stock Split will not alter stockholders' percentage ownership interest in the Company, except to the extent that the Reverse Stock Split results in fractional ownership as described above. The Reverse Stock Split will not change the authorized number of shares of the Company's common stock, and will reduce the number of issued and outstanding shares of the Company's Common Stock from approximately 26.0 million to approximately 1.7 million. The Company's transfer agent, Colonial Stock Transfer, will serve as the exchange agent for the Reverse Stock Split. Registered stockholders holding pre-split shares of the Company's Common Stock electronically in book-entry form are not required to take any action to receive post-split shares. Those stockholders who hold their shares in brokerage accounts or in 'street name' will have their positions automatically adjusted to reflect the Reverse Stock Split, subject to each broker's particular processes, and will not be required to take any action in connection with the Reverse Stock Split. Stockholders holding shares of the Company's Common Stock in certificate form will receive a transmittal letter from Colonial Stock Transfer with instructions as soon as practicable after the Effective Time. About ClearOne ClearOne is a global company that designs, develops, and sells conferencing, collaboration, and network streaming solutions for voice and visual communications. The performance and simplicity of its advanced comprehensive solutions offer unprecedented levels of functionality, reliability, and scalability. Visit ClearOne at View source version on CONTACT: Investor Relations Contact: Simon Brewer 385-426-0565 [email protected] KEYWORD: UTAH UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: AUDIO/VIDEO VOIP MOBILE/WIRELESS TECHNOLOGY TELECOMMUNICATIONS SOURCE: ClearOne, Inc. Copyright Business Wire 2025. PUB: 06/02/2025 09:00 AM/DISC: 06/02/2025 08:59 AM
Globe and Mail
6 days ago
- Business
- Globe and Mail
Vaxart's Founder and Chief Scientific Officer Provides Video Update to Stockholders
Dr. Sean Tucker, Founder and CSO of Vaxart, Urges Stockholders to Vote FOR Reverse Stock Split Proposal by 11:59 p.m. Eastern Time on June 1, 2025 Company Corrects Record on Common Misconceptions Regarding the Reverse Stock Split Proposal SOUTH SAN FRANCISCO, Calif., May 29, 2025 (GLOBE NEWSWIRE) -- Vaxart, Inc. (Nasdaq: VXRT) (the 'Company' OR 'Vaxart') today announces a video update for stockholders by Dr. Sean Tucker. The video is available on Vaxart's investor relations website at In the video, Dr. Tucker urges stockholders to vote FOR Proposal No. 2, which grants the Board of Directors authority to implement a reverse split that would enable Vaxart regain compliance with Nasdaq's minimum bid price rule. Additionally, to ensure stockholders have accurate information as they consider this important proposal, the Company addresses several misconceptions in the attached fact sheet: A PDF accompanying this announcement is available at Vaxart encourages all stockholders of record on March 26, 2025 who have not yet voted to do so by 11:59 p.m. Eastern Time on June 1, 2025. The Company also reminds those who have previously voted against Proposal No. 2 that they can change their vote in favor of the proposal. If you have any questions or need assistance with voting, please contact Vaxart's proxy solicitation firm: Campaign Management, LLC Toll-Free: 1-855-264-1527 Email: info@ About Vaxart Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart's development programs currently include pill vaccines designed to protect against coronavirus, norovirus and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart's first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists. Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the 'Securities Act') and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'), which are subject to the 'safe harbor' created by those sections, concerning our business, operations, and financial performance and condition as well as our plans, objectives, and expectations for business operations, funding, financial performance and condition, and regaining compliance with the Nasdaq minimum bid price requirement. Any statements contained herein that are not of historical facts may be deemed to be forward-looking statements. You can identify these statements by words such as 'anticipate,' 'assume,' 'believe,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'should,' 'will,' 'would,' and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are based on current expectations, estimates, forecasts, and projections about our business and the industry in which we operate and management's beliefs and assumptions and are not guarantees of future performance or development and involve known and unknown risks, uncertainties, and other factors that are in some cases beyond our control. As a result, any or all of our forward-looking statements in this press release may turn out to be inaccurate. Factors that could materially affect our business operations and financial performance and condition include, but are not limited to, those risks and uncertainties described under 'Item 1A - Risk Factors' in our Annual Report on Form 10-K for the year ended December 31, 2024 and any risk factors disclosed in any subsequent Quarterly Reports on Form 10-Q. You are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. The forward-looking statements are based on information available to us as of the date of this press release. Unless required by law, we do not intend to publicly update or revise any forward-looking statements to reflect new information or future events or otherwise. You should, however, review the factors and risks we describe in the reports we will file from time to time with the SEC after the date of this press release. Participants in the Solicitation The Company and its directors, executive officers, and certain employees and other persons may be deemed to be participants in the solicitation of proxies from the Company's stockholders in connection with the business to be conducted at the annual meeting of stockholders. Investors and security holders may obtain more detailed information regarding the names, affiliations, and interests of the Company's directors and executive officers in the definitive proxy statement filed in connection with the annual meeting of stockholders as well as the Company's other filings with the U.S. Securities and Exchange Commission (the 'SEC'), all of which may be obtained free of charge at the website maintained by the SEC at This press release was published by a CLEAR® Verified individual.
Globe and Mail
6 days ago
- Business
- Globe and Mail
Houston American Energy Corp. Announces 1-for-10 Reverse Stock Split
HOUSTON, TX, May 28, 2025 (GLOBE NEWSWIRE) -- Houston American Energy Corp. (NYSE American: HUSA) ('HUSA' or the 'Company') announced today that its Board of Directors approved a reverse stock split of the Company's common stock at a ratio of 1-for-10. The reverse stock split is intended to increase the market price per share of the Company's common stock and help the Company satisfy the initial listing requirements of the New York Stock Exchange American (the 'NYSE') in connection with the closing of HUSA's previously announced acquisition of Abundia Global Impact Group, LLC ('AGIG'). On April 24, 2025, at the Company's special meeting of stockholders, the Company's stockholders approved a reverse stock split of the Company's common stock at a ratio in the range of 1-for-5 to 1-for-60, with such ratio to be determined by the Company's Board of Directors. The reverse stock split is expected to be effective after market close on June 6, 2025 (the 'Effective Time') and the Company's common stock will begin trading on a split-adjusted basis on the NYSE at the market open on June 9, 2025. At the Effective Time, every 10 issued and outstanding shares of the Company's common stock will be converted into one share of the Company's common stock. Once effective, the reverse stock split will reduce the number of issued and outstanding shares of common stock from approximately 15,686,533 to approximately 1,568,653 shares. Each stockholder's percentage ownership interest in the Company will remain unchanged as a result of the reverse stock split. No fractional shares shall be issued in connection with the reverse stock split, and any fractional shares resulting from the reverse stock split will be rounded up at the participant level with The Depository Trust Company. Each certificate that immediately prior to the Effective Time represented shares of common stock shall thereafter represent that number of shares of common stock into which the shares of common stock represented by the certificate shall have been combined, subject to the elimination of fractional share interests as described above. Holders of the Company's common stock held in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the reverse stock split. Stockholders of record will be receiving information from Standard Registrar & Transfer Co., Inc., the Company's transfer agent, regarding their stock ownership following the reverse stock split. The reverse stock split will not modify any rights or preferences of the Company's common stock. The trading symbol for the Company's common stock will remain 'HUSA.' The new CUSIP number for the Company's common stock following the reverse stock split will be 44183U 308. Additional information about the reverse stock split can be found in the Company's Definitive Proxy Statement filed with the Securities and Exchange Commission (the 'SEC') on April 11, 2025, a copy of which is also available at or at under the SEC Filings tab located in the Reports and Filings page. About HUSA HUSA is an independent oil and gas company focused on the development, exploration, exploitation, acquisition, and production of natural gas and crude oil properties. Our principal properties, and operations, are in the U.S. Permian Basin. Additionally, we have properties in the Louisiana U.S. Gulf Coast region. For more information, please visit: Important Information About the Proposed Acquisition and Where to Find It This press release relates to the previously announced proposed acquisition of Abundia Global Impact Group, LLC ('AGIG'), pursuant to the share exchange agreement, dated as of February 20, 2025, by and among HUSA and AGIG (the 'Proposed Acquisition'). For additional information on the Proposed Acquisition, see HUSA's Current Report on Form 8-K, filed on February 24, 2025, as well as the proxy statement dated April 11, 2025, that was delivered to HUSA's stockholders as of the applicable record date established for voting on the Proposed Acquisition. HUSA also will file other documents regarding the Proposed Acquisition with the SEC. Investors and stockholders of HUSA are urged to carefully read the entire proxy statement and any other relevant documents filed with the SEC, as well as any amendments or supplements thereto, because they will contain important information about the Proposed Acquisition. The documents filed by HUSA with the SEC may be obtained free of charge at the SEC's website at or by directing a request to HUSA at 801 Travis Street, Suite 1425, Houston, Texas 77002. Cautionary Note Regarding Forward-Looking Information: This news release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking information') within the meaning of, and subject to the safe harbor created by, Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995, which are referred to as the 'safe harbor provisions.' Statements contained or incorporated by reference in this press release that are not historical facts are forward-looking statements, including statements regarding HUSA's or AGIG's business and future financial and operating results, and other aspects of HUSA's or AGIG's operations or operating results. Words such as 'may,' 'should,' 'will,' 'believe,' 'expect,' 'anticipate,' 'target,' 'project,' and similar phrases that denote future expectations or intent regarding HUSA's or AGIG's financial results, operations, and other matters are intended to identify forward-looking statements that are intended to be covered by the safe harbor provisions. Investors are cautioned not to rely upon forward-looking statements as predictions of future events. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties, and other factors that may cause future events to differ materially from the forward-looking statements in this press release including: risks relating to fluctuations of the market value of common stock, including as a result of uncertainty as to the long-term value of the common stock of HUSA or as a result of broader stock market movements; the occurrence of any event, change, or other circumstances that could give rise to the termination of the Share Exchange Agreement; failure to attract, motivate and retain executives and other key employees; disruptions in the business of HUSA or AGIG, which could have an adverse effect on their respective businesses and financial results; the unaudited pro forma combined consolidated financial information in the proxy statement is presented for illustrative purposes only and may not be reflective of the operating results and financial condition of the combination of HUSA and AGIG; and other risks and uncertainties set forth in the sections entitled 'Risk Factors' and 'Cautionary Note Regarding Forward-Looking Statements' in the proxy statement, as well as HUSA's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and other documents filed by HUSA from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. HUSA does not undertake to update, alter, or revise any forward-looking statements made in this report to reflect events or circumstances after the date of this report or to reflect new information or the occurrence of unanticipated events, except as required by law.
Associated Press
23-05-2025
- Business
- Associated Press
Modiv Provides Clarity on Reverse Stock Split Proposal
DENVER--(BUSINESS WIRE)--May 23, 2025-- Modiv Industrial, Inc. ('Modiv Industrial', 'Modiv', the 'Company', 'we' or 'our'), (NYSE:MDV), the only public REIT exclusively focused on acquiring industrial manufacturing real estate, today issued the following message from the CEO to provide clarity regarding the rationale and impact of the reverse stock proposal set forth in the Company's proxy statement for its 2025 Annual Meeting of Stockholders: 'A few weeks ago, we filed our 2025 annual proxy statement. We have received a small number of inquiries regarding the reverse stock split proposal that we put forth. Given that there appears to be a pattern of confusion (not surprising given the legalese of the proxy), we decided to send this missive out so that everyone can hopefully receive a clearer explanation straight from the horse's mouth. I have attempted to present this in a digestible format but there is a lot of content to understand so please do not hesitate to email us, as needed, at the email address listed down below. Here it goes… Background – The fourth proposal in our proxy statement seeks stockholder approval to give the Company the right, but not the obligation, to implement a reverse stock split of our common stock only (not the Series A Preferred Stock) anywhere between 1:500 to 1:1,500 at any time prior to December 31, 2026. That's a very large reverse split, far greater than the 1:10 that any company can do without stockholder approval. Without full context, an investor might surmise that we want to make Modiv's share price $7,500 per share or higher – which would not be very retail investor friendly. I am here to tell you that is NOT the case at all and the reverse split (which would be followed by a forward split that I will describe a bit later) is purely an administrative function intended to reduce cost and potentially increase liquidity. Before I get into the sausage making of how it would work, let me step back and tell you why we are even seeking approval. For those new to our name and unaware of our history, we are the only direct-to-retail crowdfunded REIT to ever publicly list on a stock exchange and we did that in early 2022. However, our legacy enterprise first started raising capital directly (with no brokers/advisors) from individual retail investors as early as 2012 back when crowdfunding was hoping to be the next big thing and long before I joined in 2018. Thousands upon thousands of investors made very small investments, in some cases as small as $500. They were issued shares in the predecessor REIT and they collected dividends but the shares couldn't be freely traded and their ability to sell their shares was very limited. It was basically a very high risk start up that happened to buy real estate. When I joined, my job was to make the Company more mainstream or 'institutional' which included cleaning up the real estate portfolio, providing stockholders full liquidity, reducing headcount and wherever possible making the Company more efficient and less costly. It is from this original mission that the reverse stock split proposal is derived. When we listed the Company on the NYSE in February 2022, we needed a seasoned transfer agent to handle the litany of daily stockholder changes that would be occurring with a publicly traded stock. At that time, we chose Computershare, a globally recognized transfer agent that works with numerous publicly listed companies. When we onboarded all of our existing investors to the Computershare platform (originally it was all handled internally), there were nearly 10,000 separate accounts, each holding varying amounts of shares. Just for reference, that is a very large number of accounts for a company of our size and very atypical (befitting our history) as most newly public companies might have a small handful of accounts directly at the transfer agent with thousands of other accounts indirectly held at brokerage firms given that most companies raise their equity via investment bankers and brokers. Since we didn't raise our capital that way, we had a ton of accounts and the stockholders who owned these accounts were used to us being both their customer service agent and their investment (whereas most of you get your customer service from your broker not your stock investment). Computershare was able to put together a service offering for our existing stockholders but it came at a significant cost to the Company – a meaningful six digits expense every year. For those who have ever dealt with the vast majority of transfer agents, then you know they are good at transferring shares and keeping records but their 80's vintage COBOL-esque software systems don't provide a good brokerage account experience (as they never intended it to be). Suffice it to say that using a transfer agent account as a brokerage account is like using a rotary phone instead of your smart phone. That fact alone led to numerous accounts transferring out to 'street name' where they could hold their shares in their modern brokerage accounts. Further, over the past several years we have made repeated attempts to get investors to move away from the transfer agent into a brokerage account and we have also whittled down the service offering to reduce cost, but the cost still remains relatively high for a small company and every dollar matters to you the stockholders. As it stands today, we are hovering at a little over 4,000 accounts in total at our transfer agent with 3,500 of those accounts holding less than 1,500 shares and, further, a large number of those 3,500 accounts holding less than 500 shares. These accounts have not chosen to switch to brokerage firms and have been unresponsive to our communications. In fact, for many accounts we get returned mail when we send out 1099 tax forms, we get bounced emails when we try to reach them and many no longer have current phone numbers listed. These investors don't appear to be voting and don't appear to be logging in. It's as if they made an investment ten years ago and then simply forgot about it as time went on. I know, it sounds odd that someone would neglect that sum of money, but it appears to be the case as far as we can tell. Personally, I moved my shares over to my Schwab account within days of our NYSE listing. Right about now you might be thinking…why doesn't Modiv put the cost of the account back to the accountholder? We looked into that, and it is not allowed. If they don't move to a broker and if they have more than one share, then all of us will simply have to bear the cost of these accounts. For those accounts that were less than one share, we have already cashed them out, but we still have thousands of accounts with more than one share. However, we did figure out a way to clean it up, to save long term costs and potentially increase liquidity, and that is where the reverse stock split comes in. Sausage Making – In this section we will get into some of the nitty gritty detail of how the reverse split would work if approved (and if implemented). It is far more information than you will typically see a CEO share in a press release, but hopefully by now you have come to appreciate that we at Modiv value transparency and candor. Our name may be derived from the concept of MO nthly DIV idends, but it is just as applicable to think of us as a M utually O wned D ividend I nvestment V ehicle – with emphasis being on mutually owned in this instance. We are all in this together, it's all our monies, and I strongly believe that transparency and candor are of utmost importance in our pursuit of making our money grow. Let me caveat the following by saying that all of this information was not readily known to us as it is rather abstract, and it took us several months to piece this education together by talking to multiple people at our transfer agent as well as other sources to include external counsel and our designated market maker. I am hopeful that I have it all right, but if some transfer agent whiz out there knows the intricacies better, then shoot us an email. Given that we have the ability to cash out accounts that hold a fractional share (less than one share) by either paying cash from the Company's coffers or selling those fractions in the open market (thereby creating liquidity), we understood that the only way to solve the aforementioned excess dormant account issue, barring the accountholder either selling their shares or transferring to a brokerage firm, was to make all those accounts fractional shares. The only way to get fractional shares is to introduce a reverse stock split. Given that the vast majority of these seemingly dormant accounts hold somewhere more than 500 but less than 1,500 shares, we identified that a large reverse split, held in place for only a brief moment in time before reverting the share price back to a more normal share price via a forward split, is the most effective way to address this legacy administrative burden and cost issue. The thinking is…implement a large reverse split, address the new batch of fractional shares, implement a forward split, and then back to business with reduced cost and less administrative burden – all in one fell swoop. The inefficient alternative, that would not require a stockholder approval, would be to implement a 1:10 reverse split every year until such time that all the dormant accounts are addressed, but that would mean we would all live with a ridiculously high share price for a very long period of time and that is simply not palatable. So, if the proxy proposal is not approved, then no problem. We will just continue to bear the cost burden, but we felt it worthwhile to put it out there for your approval. I believe the confusion from our recent investor inquiries pertains to how the reverse split would impact all the smaller stockholders who hold their shares in a brokerage account. The short answer is that we do not believe there is a meaningful impact other than a temporarily higher share price. The reason we believe this is where it gets really in the weeds and it pertains to the three primary levels of stock ownership – 1) DTC level, 2) Participant level, and 3) Beneficial level. The Depository Trust Company (DTC) is a central securities depository system utilized by brokers, transfer agents, NYSE and Nasdaq. It is estimated that over 80% of all U.S. public equity is held at the DTC (the first level) on behalf of a multitude of participating financial institutions like Fidelity, Schwab, etc. (the second level) who, in turn, hold the equity for the benefit of countless investors like yourself (the third level). You can look this up on the internet, but each publicly listed company has a DTC account (i.e. Cede & Co) at their respective transfer agent that represents the aggregate ownership of all those shares held in 'street name.' The DTC level is represented by a single account, the participant level reflects a small number of accounts (e.g. typically a few accounts for each financial institution depending on how they separate their taxable, non-taxable and non-retail accountholders), and the beneficial level would be hundreds of thousands of accounts representing the accounts you and I see when we log into our brokerage accounts. At our transfer agent, amongst those ~4,000 accounts, is a single Cede & Co. account that represents the majority of our shares outstanding. Our transfer agent does not see your individual account at your broker, just those ~4,000 accounts. Further, all corporate actions happen initially at this first level. For example, when we issue a dividend payment, it goes to all ~4,000 accounts. The DTC account then distributes the money it receives automatically to the participant level accounts who in turn distribute your dividend into your individual account. If we were to implement a reverse split and instruct our transfer agent to only cash out fractional shares at the participant level (which is what has been recommended to us), then we would materially limit the number of accounts impacted by the reverse split. Let's walk through an example. Let's assume there are 100 participant level accounts (we won't know the exact amount until we make the inquiry with the DTC) as well as the ~4,000 individual accounts held at our transfer agent. Given that any single account can only have one fractional share, that means only a maximum of 100 fractional shares would be impacted for all the millions of our shares held at financial institutions and from the ~4,000 individual accounts held at our transfer agent, only those accounts holding less than one share would be closed out. By doing it this way, we specifically address this legacy cost burden without wiping out thousands of retail investors who bought shares through their brokerage account. As soon as the process of eliminating fractional shares is completed (we have been informed it could potentially take several days), we would then implement a forward split to bring our share price back to a more appropriate, non-elevated, stock price. The ending result would be a normal stock price, the elimination of the administrative burden of maintaining thousands of seemingly dormant accounts, and the annual cost savings that would ensue. I want to point out that even if the proposal is approved by all of you, that does not mean we would implement it. Our goal would be to make another final push to get as many of those seemingly dormant accounts moved over to brokerage firms (heck, maybe this press release will help that cause). Only after that last effort would we then consider implementing the reverse stock split, hence having until the end of next year to potentially implement this administrative function. Phew, that was a lot of stuff to write (and to digest). In a nutshell, if the reverse split is approved (and we are ok if you don't want it), then the final ending result would be a normal stock price, less dormant accounts at our transfer agent, and more money saved. Grit, grind, get it done!' Aaron Halfacre, CEO of Modiv Industrial. About Modiv Industrial Modiv Industrial, Inc. is an internally managed REIT that is focused on single-tenant net-lease industrial manufacturing real estate. The Company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation's supply chains. For more information, please visit: Forward-looking Statements Certain statements contained in this press release, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to the reverse stock split, the forward stock split, annualized dividend rates, future distributions and distributions declared by the Company's board of directors. Such forward-looking statements are subject to various risks and uncertainties, including but not limited to those described under the section entitled 'Risk Factors' in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the 'SEC') on March 4, 2025. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in the Company's other filings with the SEC. Any forward-looking statements herein speak only as of the time when made and are based on information available to the Company as of such date and are qualified in their entirety by this cautionary statement. The Company assumes no obligation to revise or update any such statement now or in the future, unless required by law. View source version on CONTACT: Inquiries: [email protected] KEYWORD: UNITED STATES NORTH AMERICA COLORADO INDUSTRY KEYWORD: PROFESSIONAL SERVICES CROWDFUNDING RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY REIT SOURCE: Modiv Industrial, Inc. Copyright Business Wire 2025. PUB: 05/23/2025 06:30 AM/DISC: 05/23/2025 06:29 AM
Associated Press
22-05-2025
- Business
- Associated Press
Aptevo Therapeutics Announces 1-for-20 Reverse Stock Split as part of Nasdaq Compliance Plan
SEATTLE, WA / ACCESS Newswire / May 22, 2025 / Aptevo Therapeutics Inc. (NASDAQ:APVO) ('Aptevo' or the 'Company'), today announced that it will conduct a reverse stock split of its outstanding shares of common stock, par value $0.001 per share ('Common Stock'), at a ratio of 1-for-20 (the 'Reverse Stock Split'). The Reverse Stock Split is expected to become effective on May 23, 2025, at 5:01 p.m. Eastern Time (the 'Effective Time'), with shares expected to begin trading on the Nasdaq Capital Market, on a split-adjusted basis, at market open on May 27, 2025. In connection with the Reverse Stock Split, every 20 shares of Common Stock issued and outstanding as of the Effective Time will be automatically converted into one share of Common Stock. No change will be made to the trading symbol for the Common Stock, 'APVO,' in connection with the Reverse Stock Split. The Reverse Stock Split is part of the Company's plan to maintain compliance with the continued listing standards of The Nasdaq Capital Market, among other benefits. The Reverse Stock Split was approved by the Company's stockholders at the Company's Special Meeting of Stockholders held on May 14, 2025 (the 'Special Meeting') to be effected in the Board's discretion within approved parameters. Following the Special Meeting, the final ratio was approved by the Company's Board on May 21, 2025. The Reverse Stock Split will reduce the number of shares of outstanding Common Stock from approximately 13.5 million shares (as of the date of this press release) to approximately 0.7 million shares, subject to adjustment for rounding, as discussed below and potential additional issuances through the effective date of the Reverse Stock Split. The Reverse Stock Split will affect all issued and outstanding shares of Common Stock. All outstanding options, restricted stock units, warrants, and other securities entitling their holders to purchase or otherwise receive shares of Common Stock will be adjusted as a result of the reverse split, as required by the terms of each security. The number of shares available to be awarded under the Company's equity incentive plans will also be appropriately adjusted. Following the reverse split, the par value of the Common Stock will remain unchanged at $0.001 par value per share. The Reverse Stock Split will not change the authorized number of shares of Common Stock or preferred stock. No fractional shares will be issued in connection with the Reverse Stock Split, and stockholders who would otherwise be entitled to receive a fractional share of Common Stock will be entitled to receive a cash payment (without interest). Additional information regarding the Reverse Stock Split is available in the Company's definitive proxy statement filed with the U.S. Securities and Exchange Commission ('SEC') on April 25, 2025, and a Current Report on Form 8-K which the Company plans to file following the Effective Time. About Aptevo Therapeutics Aptevo Therapeutics Inc. is a clinical-stage biotechnology company focused on developing novel bispecific immunotherapies for the treatment of cancer. The company has two clinical candidates. Mipletamig is currently being evaluated in RAINIER, a Phase 1b/2 trial for the treatment of frontline acute myeloid leukemia in combination with standard-of-care venetoclax + azacitidine. Mipletamig has received orphan drug designation ('orphan status') for AML according to the Orphan Drug Act. a bispecific conditional 4-1BB agonist, only active upon simultaneous binding to 4-1BB and 5T4, is being co-developed with Alligator Bioscience and is being evaluated in a Phase 1 clinical trial for the treatment of multiple solid tumor types likely to express 5T4. The Company has three pre-clinical candidates with different mechanisms of action designed to target a range of solid tumors. All pipeline candidates were created from two proprietary platforms, ADAPTIR® and ADAPTIR-FLEX® The Aptevo mission is to improve treatment outcomes and transform the lives of cancer patients. For more information, please visit Forward-Looking Statements This press release includes 'forward-looking statements', including information about management's view of the Company's future expectations, plans and prospects, within the safe harbor provisions provided under federal securities laws, including under The Private Securities Litigation Reform Act of 1995. Words such as 'expect,' 'estimate,' 'project,' 'budget,' 'forecast,' 'anticipate,' 'intend,' 'plan,' 'may,' 'will,' 'could,' 'should,' 'believes,' 'predicts,' 'potential,' 'continue' and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results and, consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements and factors that may cause such differences include, without limitation, our ability to continue as a going concern; a deterioration in Aptevo's business or prospects; further assessment of preliminary or interim data or different results from later clinical trials; adverse events and unanticipated problems and adverse developments in clinical development, including unexpected safety issues observed during a clinical trial; and changes in regulatory, social, macroeconomic and political conditions. These risks are not exhaustive, the Company faces known and unknown risks. Additional risks and factors that may affect results of the Company are set forth in the Company's filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and its subsequent reports on Form 10-Q and current reports on Form 8-K. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from the Company's expectations in any forward-looking statement. Readers are cautioned not to place undue reliance upon any forward-looking statements, including but not limited to statements about the effectuation of the Reverse Stock Split. These reports and filings are available at and are available for download, free of charge, soon after such reports are filed with or furnished to the SEC, on the 'Investors' page of the Company's website at Any forward-looking statement speaks only as of the date of this press release, and, except as required by law, the Company does not assume any obligation to update any forward-looking statement to reflect new information, events, or circumstances. Contact: Miriam Weber Miller Head, Investor Relations & Corporate Communications Aptevo Therapeutics Email: [email protected] or [email protected] Phone: 206-859-6628 SOURCE: Aptevo Therapeutics press release
