InVivo Therapeutics Announces Reverse Stock Split
February 03 2020 - 4:30PM
Business Wire
InVivo Therapeutics Holdings Corp. (Nasdaq: NVIV) today
announced a 1-for-30 reverse stock split of its common stock and a
proportionate reduction in its authorized common stock. The company
anticipates the reverse stock split will become effective at 5:00
p.m. Eastern Time on February 11, 2020, and shares of InVivo
Therapeutics common stock will trade on a post-split basis under
the Company's existing trading symbol, "NVIV," at the market open
on February 12, 2020. The new CUSIP number for the Company's common
stock following the reverse stock split will be CUSIP 46186M
506/ISIN US46186M5067.
At the effective time of the reverse stock split, every 30
shares of InVivo Therapeutics common stock will be combined into 1
share of InVivo Therapeutics common stock. In connection with the
reverse stock split, the authorized shares will be reduced from 500
million shares to approximately 16.7 million shares. The reverse
stock split is anticipated to reduce the company’s issued and
outstanding shares of common stock from approximately 17.8 million
to approximately 0.6 million. Fractional shares resulting from the
reverse stock split will be rounded up to the nearest whole share,
and all shares of common stock (including fractions thereof)
issuable upon the reverse stock split to a given stockholder shall
be aggregated for the purpose of determining whether the reverse
stock split would result in the issuance of a fractional share. In
addition, proportionate adjustments will be made to the exercise
prices of the company's outstanding stock options and warrants and
to the number of shares issued and issuable under the company's
existing stock incentive plans.
The implementation of the reverse stock split is intended to
increase the per share trading price of the Company’s common stock
to fulfill the $1.00 minimum bid price requirement for continued
listing on the Nasdaq Capital Market.
About InVivo Therapeutics
InVivo Therapeutics Holdings Corp. is a research and
clinical-stage biomaterials and biotechnology company with a focus
on treatment of spinal cord injuries. The company was founded in
2005 with proprietary technology co-invented by Robert Langer,
Sc.D., Professor at Massachusetts Institute of Technology, and
Joseph P. Vacanti, M.D., who then was at Boston Children’s Hospital
and who now is affiliated with Massachusetts General Hospital. The
publicly traded company is headquartered in Cambridge, MA. For more
details, visit www.invivotherapeutics.com.
Safe Harbor Statement
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements
within the meaning of the federal securities laws. These statements
can be identified by words such as “believe,” “anticipate,”
“intend,” “estimate,” “will,” “may,” “should,” “expect” and similar
expressions, and include statements regarding the company’s planned
reverse stock split and statements regarding the Company’s
continued listing on the Nasdaq Capital Market. Any forward-looking
statements contained herein are based on current expectations and
are subject to a number of risks and uncertainties. Factors that
could cause actual future results to differ materially from current
expectations include, but are not limited to, risks and
uncertainties relating to: the company’s ability to effect the
1-for-30 reverse stock split and the administrative process related
thereto, and other risks associated with the company’s business,
research, product development, regulatory approval, marketing and
distribution plans and strategies identified and described in more
detail in the company’s Annual Report on Form 10-K for the year
ended December 31, 2018 and its other filings with the SEC,
including the company’s quarterly reports on Form 10-Q and current
reports on Form 8-K. The company does not undertake to update these
forward-looking statements.
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IR: Bret Shapiro, Managing Partner CORE IR Phone: (516)
222-2560 brets@coreir.com
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