GAITHERSBURG, Md., Dec. 1, 2016 /PRNewswire/ -- GenVec, Inc.
(NASDAQ: GNVC) ("GenVec" or "the Company") announced that the
Company's previously declared one-for-ten reverse stock split of
its outstanding shares of common stock (the "Reverse Stock Split")
became effective today prior to the opening of trading on the
NASDAQ Capital Market. The Reverse Stock Split was previously
authorized at the Company's 2016 Annual Meeting of Shareholders and
the Company's Board of Directors approved a ratio within the
approved range on November 11, 2016.
The Reverse Stock Split is intended to enable GenVec to
regain compliance with the $1.00
minimum bid price required for continued listing on NASDAQ Capital
Market.
The Reverse Stock Split is effective with respect to
shareholders of record at the close of business on November 30, 2016 and trading of the Company's
common stock on the NASDAQ Capital Market will begin on a
split-adjusted basis at the opening of trading on December 1, 2016. As a result of the
Reverse Stock Split, each 10 shares of the Company's common stock
outstanding were combined into one share of common stock and the
total number of common stock outstanding were reduced from
approximately 22.73 million shares to approximately 2.27 million
shares. Stockholders will receive cash in lieu of any
fraction of a share that stockholders would otherwise be entitled
to receive as a result of the Reverse Stock Split.
The Company has retained American Stock Transfer & Trust
Company ("AST") to act as exchange agent for the reverse stock
split. AST will manage the exchange of old, pre-reverse stock split
shares for new post-reverse stock split shares. Stockholders will
receive a letter of transmittal providing instructions for the
exchange of their shares. Stockholders who hold their shares in
"street name" will be contacted by their banks or brokers with any
instructions. For further information, stockholders and securities
brokers should contact AST at (877) 248-6417 or (718) 921-8317.
About GenVec
GenVec is a clinical-stage gene delivery company focused on
developing a pipeline of cutting-edge therapeutics and vaccines
using its proprietary AdenoVerse™ gene delivery platform. The
company is a pioneer in the design, testing and manufacture of
adenoviral-based product candidates that can deliver on the promise
of gene-based medicine. GenVec's lead product candidate,
CGF166, is licensed to Novartis and is currently in a Phase 1/2
clinical study for the treatment of hearing loss and balance
disorders. In addition to its internal and partnered
pipeline, the company is also focused on opportunities to license
its proprietary technology platform, including vectors and
production cell lines, for the development and manufacture of
therapeutics and vaccines to the biopharmaceutical industry.
Additional information about GenVec is available at
www.genvec.com and in GenVec's various filings with the Securities
and Exchange Commission.
Statements herein relating to future financial or business
performance, including with respect to the exchange of pre-Reverse
Stock Split shares and the Company's ability to regain compliance
with NASDAQ Capital Market's bid price requirement (the "Bid
Price Rule"), are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act. These
forward-looking statements are subject to numerous assumptions,
risks and uncertainties, which may change over time, and there can
be no assurance that pre-Reverse Stock Split shares will be
exchanged or the Company will be able to regain compliance with the
Bid Price Rule. Further information on the factors and risks
that could affect the Company's financial or business performance
are contained in the Company's filings with the U.S. Securities and
Exchange Commission (the "SEC"), including the risk factors
discussed in Item 1A of Part I of the Company's Form 10-K for the
year ended December 31, 2015 and
subsequent reports filed with the SEC. These forward-looking
statements speak only as of the date of this report, and the
Company assumes no duty to update forward-looking
statements.
Contact:
Rena Cohen
(240) 632-5501
ir@genvec.com
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SOURCE GenVec, Inc.