iBio Announces Reverse Stock Split
November 27 2023 - 5:20PM
iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”) today announced
that its Board of Directors has approved a 20-to-1 reverse split of
the Company’s common stock, par value $0.001 per share (the “Common
Stock”) effective at 12:01 a.m. ET on November 29, 2023 (the
“Effective Date”). The Common Stock is expected to begin trading on
a split-adjusted basis when the market opens on November 29, 2023,
with the new CUSIP number 451033708.
The reverse stock split was authorized by iBio’s
stockholders at the Company’s 2023 Annual Meeting, held earlier
today, with a ratio ranging from 1-for-5 to 1-for-20 (the “Range”),
with the ration within such Range to be determined at the
discretion of the Company’s Board of Directors. As a result of the
reverse stock split, every 20 shares of the Company's Common Stock
issued and outstanding will be automatically combined into one
share of common stock, with no change in the $0.0001 par value per
share. Holders of fractional shares will be entitled to receive a
cash payment equal to the number of shares of the Common Stock held
by such stockholder before the reverse stock split that would
otherwise have been exchanged for such fractional share interest
multiplied by the average closing sales price of the Common Stock
as reported on the NYSE American for the ten days preceding the
Effective Date. As a result of the reverse split, the number of
shares of the Company’s outstanding Common Stock will be reduced
from 28,100,733 shares to 1,405,036 shares.
The exercise prices of all outstanding stock
options, warrants, and equity incentive plans will be adjusted in
accordance with their respective terms. The reverse stock split
will affect all stockholders uniformly and will not affect any
stockholder's ownership percentage of the Company's shares with the
exception of those holders of fractional shares.
The Company’s transfer agent, Continental Stock
Transfer & Trust Company, which is also acting as the exchange
agent for the reverse split, will send instructions to stockholders
of record who hold stock certificates regarding the exchange of
their old certificates for new certificates, should they wish to do
so. Stockholders who hold their shares in brokerage accounts or
“street name” are not required to take any action to effect the
exchange of their shares.
About iBio, Inc.
iBio develops next-generation biopharmaceuticals
using computational biology and 3D-modeling of subdominant and
conformational epitopes, prospectively enabling the discovery of
new antibody treatments for hard-to-target cancers and other
diseases. iBio’s mission is to decrease drug failures, shorten drug
development timelines, and open up new frontiers against the most
promising targets. For more information, visit www.ibioinc.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release
constitute "forward-looking statements" within the meaning of the
federal securities laws. Words such as "may," "might," "will,"
"should," "believe," "expect," "anticipate," "estimate,"
"continue," "predict," "forecast," "project," "plan," "intend" or
similar expressions, or statements regarding intent, belief, or
current expectations, are forward-looking statements. These
forward-looking statements are based upon current estimates and
assumptions and include statements regarding the expected trading
of iBio’s common stock on a split-adjusted basis on November 29,
2023. While the Company believes these forward-looking statements
are reasonable, undue reliance should not be placed on any such
forward-looking statements, which are based on information
available to us on the date of this release. These forward-looking
statements are subject to various risks and uncertainties, many of
which are difficult to predict that could cause actual results to
differ materially from current expectations and assumptions from
those set forth or implied by any forward-looking statements.
Important factors that could cause actual results to differ
materially from current expectations include, among others, the
Company’s ability to effect the reverse stock split on November 29,
2023 and derive the anticipated benefits from the reverse stock
split, the Company’s ability to continue to execute its growth
strategy; its ability to obtain regulatory approvals for
commercialization of its product candidates, or to comply with
ongoing regulatory requirements; regulatory limitations relating to
its ability to promote or commercialize its product candidates for
specific indications; acceptance of its product candidates in the
marketplace and the successful development, marketing or sale of
products; its ability to maintain its license agreements; the
continued maintenance and growth of its patent estate; its ability
to obtain or maintain the capital or grants necessary to fund its
research and development activities and whether the Company will
incur unforeseen expenses or liabilities or other market factors;
successful compliance with governmental regulations applicable to
its manufacturing facility; competition; its ability to retain its
key employees or maintain its NYSE American listing; and the other
factors discussed in the Company’s filings with the SEC including
the Company’s Annual Report on Form 10-K for the year ended June
30, 2023 and the Company’s subsequent filings with the SEC on Forms
10-Q and 8-K. The information in this release is provided only as
of the date of this release, and the Company undertakes no
obligation to update any forward-looking statements contained in
this release on account of new information, future events, or
otherwise, except as required by law.
Contacts:
Stephen KilmeriBio, Inc.Investor Relations(646)
274-3580skilmer@ibioinc.com
Susan ThomasiBio, Inc.Media Relations(619)
540-9195Sthomas@ibioinc.com
iBio (AMEX:IBIO)
Historical Stock Chart
From Mar 2024 to Apr 2024
iBio (AMEX:IBIO)
Historical Stock Chart
From Apr 2023 to Apr 2024