Inovio Pharmaceuticals proposes 1-for-4 reverse split of common stock
Published on May 23, 2014 at 8:41 AM
Inovio Pharmaceuticals, Inc. (NYSE MKT: INO) today announced that at the Company's Annual General Meeting held May 22, 2014, the Company's shareholders approved the proposal of a reverse split of the Company's common stock. The Company's Board of Directors subsequently approved the immediate implementation of a 1-for-4 reverse stock split of Inovio's common stock, where each 4 shares of issued and outstanding common stock and equivalents will be converted into 1 share of common stock. Following standard NYSE administrative processes, the Company plans to announce at a later time the effective date of the reverse split.
Dr. J. Joseph Kim, President and CEO, said, "I thank our shareholders for their support of Inovio. We would not be where we are today without their belief in our team and the potential of our DNA immunotherapies to treat cancers and infectious diseases. Our company has never been stronger in terms of its technology, product pipeline, preclinical and clinical data, collaborations, capital and operating runway. Our stockholders approved a reverse split to have our price and share structure reflect our leadership position in immunotherapies and expand our potential investor audience. We look forward to our upcoming milestones and will continue to focus on advancing our SynCon® immunotherapies with the goals of commercializing clinically important products, achieving fundamental growth, and rewarding our investors."
Inovio Pharmaceuticals, Inc.