LOS ANGELES, Nov. 16, 2016 /PRNewswire/ -- ImmunoCellular
Therapeutics, Ltd. ("ImmunoCellular" or the "Company") (NYSE MKT:
IMUC) announced that at the Special Meeting of Stockholders held on
November 14, 2016, ImmunoCellular's
stockholders voted to approve a reverse stock split of the
Company's issued and outstanding common stock. Upon effectiveness
of the reverse stock split, every forty (40) shares of
ImmunoCellular common stock will be converted into one (1) share of
common stock. Concurrently, the authorized number of shares of the
Company's common stock will be reduced from 249 million to 25
million.
In addition, the reverse stock split will effect a reduction in
the number of shares of common stock issuable upon the exercise of
stock options or warrants outstanding immediately prior to the
effectiveness of the reverse stock split, with corresponding
increases in the exercise prices of such stock options and
warrants. Concurrently, ImmunoCellular will effect a one-for-forty
reverse split of its listed warrants that are trading on the NYSE
MKT under the symbol IMUC.WS, such that every forty (40) listed
warrants will be combined into a listed warrant to purchase one (1)
share of common stock at an exercise price of $7.68 per share.
The reverse stock split is intended to enable ImmunoCellular to
regain compliance with the minimum bid price required for continued
listing on the NYSE MKT as well as to provide a sufficient level of
authorized shares of common stock available for issuance and
increase the acceptability of the Company's common stock to
investors.
Andrew Gengos, ImmunoCellular's
Chief Executive Officer, commented: "The management and Board
express our gratitude to our stockholders for voting in favor of
the reverse stock split, which we undertook with the goal of
strengthening our ability to continue to advance our
immune-oncology pipeline and technology toward next value
inflection points, including the execution of our phase 3
registration trial for ICT-107."
No fractional shares will be issued in connection with the
reverse stock split. A stockholder who otherwise would have
been entitled to receive a fractional share of stock as a result of
the reverse stock split will instead receive cash in lieu of
fractional shares. No fractional listed warrants will be
issued in connection with the listed warrant reverse split. All
fractional listed warrants will be rounded to the nearest whole
listed warrant.
The reverse stock split will affect all stockholders
proportionately and will not affect any stockholder's percentage
ownership of ImmunoCellular shares (except to the extent that the
reverse stock split would result in some of the stockholders
receiving cash in lieu of fractional shares).
The Company expects the reverse stock split to become effective
at 5:00 p.m. Eastern time on
November 18, 2016. When the market
opens on November 21, 2016,
ImmunoCellular's common stock and listed warrants will begin
trading on the NYSE MKT on a split-adjusted basis. There will be no
change in the Company's NYSE MKT ticker symbols (IMUC, IMUC.WS) as
a result of the reverse stock split. The new CUSIP number that
will be applicable to the Company's common stock after the reverse
stock split is 452536204. The new CUSIP number that will be
applicable to the Company's listed warrants after the reverse stock
split is 452536121.
Computershare Trust Company, N.A. is acting as exchange agent
and transfer agent for the reverse stock split. Computershare
will provide instructions to stockholders regarding the process for
exchanging their pre-split stock certificates for post-split stock
certificates. Additional information regarding the reverse
stock split can be found in the Company's definitive proxy
statement filed with the Securities and Exchange Commission on
October 4, 2016.
About ImmunoCellular Therapeutics, Ltd.
ImmunoCellular Therapeutics, Ltd. is a Los Angeles-based clinical-stage company that
is developing immune-based therapies for the treatment of brain and
other cancers. The phase 3 registrational trial of lead product
candidate, ICT-107, a patient-specific, dendritic cell-based
immunotherapy targeting multiple tumor-associated antigens on
glioblastoma stem cells, has been initiated. ImmunoCellular's
pipeline also includes: ICT-121, a patient-specific, dendritic
cell-based immunotherapy targeting the CD133 antigen on stem cells
in recurrent glioblastoma; ICT-140, a patient-specific, dendritic
cell-based immunotherapy targeting antigens on ovarian cancer stem
cells; and the Stem-to-T-cell research program which engineers the
patient's hematopoietic stem cells to generate antigen-specific
cancer-killing T cells. To learn more about ImmunoCellular, please
visit www.imuc.com.
Forward-Looking Statements for ImmunoCellular Therapeutics
This press release contains certain forward-looking statements,
including statements regarding ImmunoCellular's intentions and
current expectations concerning, among other things,
ImmunoCellular's ability to meet and maintain the minimum bid price
required for continued listing on the NYSE MKT follow the reverse
stock split and any effect of the reverse stock split on future
market and stockholder interest in ImmunoCellular and its common
stock; timing for enrollment and randomization of patients, the
activation of clinical sites, the receipt and announcement of
clinical data; the development and commercialization of ICT-107;
the development of our preclinical Stem-to-T-cell program and
ImmunoCellular's ability to achieve its other clinical, operational
and financial goals. Forward-looking statements are not guarantees
of future performance and are subject to a number of risks and
uncertainties, including ImmunoCellular's ability to comply with
the continued listing requirements of and maintain its listing on
the NYSE MKT, the availability of resources to continue to develop
ImmunoCellular's product candidates, the uncertain timing of
completion and success of clinical trials, and the risk that
ICT-107 can be further successfully developed or
commercialized. Additional risks and uncertainties are
described under the heading "Risk Factors" in ImmunoCellular's most
recently filed quarterly report on Form 10-Q and annual report on
Form 10-K. Except as required by law, ImmunoCellular undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Contact:
ImmunoCellular Therapeutics, Ltd.
Investor Relations
Jane Green
415.348.0010 direct
415.652.4819 mobile
jane@jmgcomm.com
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SOURCE ImmunoCellular Therapeutics, Ltd.