BioVie Inc. Announces Reverse Stock Split
Rhea-AI Summary
BioVie Inc. (NASDAQ: BIVI) has announced the implementation of a 1-for-10 reverse stock split of its issued and outstanding Class A common stock, effective August 6, 2024. The company's shares began trading on a split-adjusted basis on the same day, maintaining its listing on The Nasdaq Capital Market under the symbol "BIVI". This action follows the approval by BioVie stockholders at a Special Meeting held on July 29, 2024. The reverse split aims to adjust the company's share structure, potentially impacting its market capitalization and share price. Investors can find detailed information about the Special Meeting in the company's definitive proxy statement filed with the SEC on June 17, 2024, available on the SEC website and BioVie's corporate website.
Positive
- Maintained listing on The Nasdaq Capital Market
- Stockholder approval obtained for the reverse stock split
Negative
- Implementation of 1-for-10 reverse stock split, potentially indicating financial challenges
- Possible shareholder dilution due to the reverse split
News Market Reaction 1 Alert
On the day this news was published, BIVI declined 5.63%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Shares of BioVie common stock began trading on split-adjusted basis on August 6, 2024
CARSON CITY, Nev., Aug. 06, 2024 (GLOBE NEWSWIRE) -- BioVie Inc. (NASDAQ: BIVI) (“BioVie” or the “Company”) today announced that the Company's reverse stock split of its issued and outstanding Class A common stock (“Common Stock”), at an exchange ratio of 1-for-10, is now effective. The Company’s Common Stock began trading on a split-adjusted basis and will remain listed on The Nasdaq Capital Market under the symbol “BIVI”. The new CUSIP number for the Company’s Common Stock following the reverse stock split is 09074F405.
The effectuation of the reverse stock split followed the approval of the BioVie stockholders at a Special Meeting of Stockholders (the “Special Meeting”) on July 29, 2024. The Special Meeting, is described in detail in the Company’s definitive proxy statement on Schedule 14A relating to the Special Meeting filed with the Securities and Exchange Commission (the “SEC”) on June 17, 2024. Stockholders may obtain a free copy of the proxy statement and other documents filed by BioVie with the SEC at http://www.sec.gov. The proxy statement is also available on the Company’s corporate website.
About BioVie Inc.
BioVie Inc. (NASDAQ: BIVI) is a clinical-stage company developing innovative drug therapies for the treatment of neurological and neurodegenerative disorders and advanced liver disease. In neurodegenerative disease, the Company’s drug candidate bezisterim inhibits inflammatory activation of ERK and NFkB (e.g., TNF signaling) that leads to neuroinflammation and insulin resistance, but not their homeostatic functions (e.g., insulin signaling and neuron growth and survival). Both are drivers of AD and PD. In liver disease, the Company’s Orphan drug candidate BIV201 (continuous infusion terlipressin), with U.S. Food and Drug Administration (“FDA”) Fast Track status, is being evaluated and discussed with guidance received from the FDA regarding the design of Phase 3 clinical testing of BIV201 for the treatment of ascites due to chronic liver cirrhosis. The active agent is approved in the U.S. and in about 40 countries for related complications of advanced liver cirrhosis. For more information, visit www.bioviepharma.com.
Forward-Looking Statements
This press release contains forward-looking statements, which may be identified by words such as "expect," "look forward to," "anticipate" "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. Although BioVie Inc. believes such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Actual results may vary materially from those expressed or implied by the statements herein due to the Company's ability to successfully raise sufficient capital on reasonable terms or at all, available cash on hand and contractual and statutory limitations that could impair our ability to pay future dividends, our ability to complete our pre-clinical or clinical studies and to obtain approval for our product candidates, our ability to successfully defend potential future litigation, changes in local or national economic conditions as well as various additional risks, many of which are now unknown and generally out of the Company's control, and which are detailed from time to time in reports filed by the Company with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. BioVie Inc. does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law.
For Investor Relations Inquiries:
Contact:
Bruce Mackle
Managing Director
LifeSci Advisors, LLC
bmackle@lifesciadvisors.com
For Media Inquires
Melyssa Weible
Managing Partner, Elixir Health Public Relations
Ph: +1 201-723-5705
mweible@elixirhealthpr.com
FAQ
What is the new stock split ratio for BioVie Inc. (BIVI)?
When did BioVie's (BIVI) reverse stock split take effect?
Has BioVie's (BIVI) stock symbol changed after the reverse split?
What is the new CUSIP number for BioVie (BIVI) stock after the reverse split?
