Instil Bio Announces Effective Date of 1-for-20 Reverse Stock Split
December 05 2023 - 5:00PM
Instil Bio, Inc. (“Instil” or the “Company”) (NASDAQ: TIL), a
clinical-stage biopharmaceutical company focused on developing
tumor infiltrating lymphocyte, or TIL, therapies for the treatment
of patients with cancer, today announced that a 1-for-20 reverse
stock split of its outstanding shares of common stock will be
effective as of 5:00 p.m. Eastern Time on Thursday, December 7,
2023.
The Company’s common stock will begin trading on a reverse stock
split-adjusted basis at the opening of the market on December 8,
2023. Following the reverse stock split, the Company’s common stock
will continue to trade on the Nasdaq Capital Market under the
symbol “TIL” with the new CUSIP number, 45783C200. The reverse
stock split is part of the Company’s plan to regain compliance with
the minimum bid price requirement for continued listing on the
Nasdaq Capital Market.
At the effective time of the reverse split, every 20 issued and
outstanding shares of the Company’s common stock will automatically
be combined into one issued and outstanding share of the Company’s
common stock without any change in the par value per share.
Fractional shares will not be issued in connection with the reverse
stock split. Stockholders who would otherwise be entitled to
receive a fractional share will be entitled to receive a cash
payment. The reverse stock split will affect all stockholders
uniformly and will not alter any stockholder’s relative interest in
the Company’s equity securities, except for any adjustments for
fractional shares. The reverse stock split will not reduce the
number of authorized shares of the Company’s common stock, which
will remain at 300,000,000 shares. In addition, proportionate
adjustments will be made to the number of shares underlying, and
the exercise or conversion prices of, the Company’s outstanding
stock options, and to the number of shares of common stock issuable
under the Company’s equity incentive plans.
The reverse stock split will reduce the number of issued and
outstanding shares of the Company’s common stock from approximately
130.1 million to approximately 6.5 million.
About Instil Bio
Instil Bio, Inc. (Nasdaq: TIL) is a clinical-stage
biopharmaceutical company focused on developing TIL therapies for
the treatment of patients with cancer. Instil has assembled an
accomplished management team with a successful track record in the
research, development and manufacture of cell therapies. Using its
proprietary and optimized manufacturing processes at its in-house
manufacturing facility, Instil is developing a novel class of
genetically engineered TIL therapies using its Co-Stimulatory
Antigen Receptor, or CoStAR™, platform, including ITIL-306, a
next-generation, genetically-engineered TIL therapy using the
CoStAR platform, for solid tumors. For more information visit
www.instilbio.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Words such as “believes,” “expects,” “plans,” “potential” and
“will” or similar expressions are intended to identify
forward-looking statements. Forward-looking statements include
those regarding the reverse stock split and the timing thereof, the
impact of the reverse stock split on stockholders, including any
adjustments that may result from the treatment of fractional
shares, and option holders, the potential impact of the reverse
stock split on the bid price of the Company’s common stock, the
potential for the Company to regain compliance with the minimum bid
price requirement for continued listing on the Nasdaq Capital
Market, the expected number of shares of common stock to be issued
and outstanding following the reverse stock split, and other
statements that are not historical fact. Forward-looking statements
are based on management’s current expectations and are subject to
various risks and uncertainties that could cause actual results to
differ materially and adversely from those expressed or implied by
such forward-looking statements, including risks and uncertainties
associated with general economic and market conditions and other
risks and uncertainties, including those discussed in the section
titled “Risk Factors” in the Company’s Quarterly Report on Form
10-Q for the quarter ended September 30, 2023 available on the
SEC’s website at www.sec.gov. Additional information will be made
available in other filings that the Company makes from time to time
with the SEC. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, these
expectations may not prove to be correct, and you are cautioned not
to place undue reliance on these forward-looking statements. These
forward-looking statements speak only as of the date hereof, and
the Company disclaims any obligation to update these statements
except as may be required by law.
Contacts:
Investor
Relations1-972-499-3350investorrelations@instilbio.comwww.instilbio.com
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