IMV Shareholders Approve Reverse Stock Split at 88%
IMV’s common shares expected to begin trading on a split-adjusted basis on
The reverse stock split is primarily intended to bring the Corporation into compliance with the minimum required closing bid price for continued listing on Nasdaq. The new CUSIP number for the Common Shares following the reverse stock split will be 44974L301. The CUSIP number for IMV’s warrants exercisable for Common Shares will remain unchanged; however, the warrants will be impacted by the reverse stock split ratio upon exercise.
The reverse stock split was approved by IMV’s shareholders at a special meeting of shareholders held on
Based on the votes received with respect to the adoption of a special resolution to approve the reverse stock split, the detailed results are as follows:
RESOLUTION |
Votes cast FOR |
Percentage (%) FOR |
Votes cast AGAINST |
Percentage (%) AGAINST |
Special Resolution for the approval of a reverse split between 1-for-5 and 1-for-10 |
26,168,584 |
|
3,613,774 |
|
As a result of the reverse stock split, every 10 Common Shares issued and outstanding will be automatically reclassified into one new Common Share. The reverse stock split will not modify any rights or preferences of the Common Shares. Proportionate adjustments will be made to the exercise prices and the number of shares underlying IMV’s outstanding equity awards, as applicable, and warrants exercisable for Common Shares, as well as to the number of shares issuable under IMV’s equity incentive plans and certain existing agreements. The Common Shares issued pursuant to the reverse stock split will remain fully paid and non-assessable.
There are currently 82,369,960 Common Shares issued and outstanding, and it is expected that there will be 8,236,996 Common Shares issued and outstanding following the consolidation, subject to rounding for any fractional shares. No fractional shares will be issued as a result of the share consolidation and shareholders will not receive any compensation in lieu thereof. Any such fractional shares will be rounded down to the nearest whole share.
Holders of Common Shares of the Corporation who hold uncertificated Common Shares (that is Common Shares held in book-entry form and not represented by a physical share certificate), either as registered holders or beneficial owners, will have their existing book-entry account(s) electronically adjusted by the Corporation's transfer agent or, for beneficial shareholders, by their brokerage firms, banks, trusts or other nominees that hold in street name for their benefit. Such holders do not need to take any additional actions to exchange their pre-consolidation Common Shares for post-consolidation Common Shares.
Beneficial shareholders holding their Common Shares through a bank, broker or other nominee should note that such banks, brokers or other nominees may have different procedures for processing the consolidation than those that have been put in place by the Corporation for registered shareholders. If you hold your Common Shares with such a bank, broker or other nominee, and if you have questions in this regard, you are encouraged to contact your nominee.
About IMV
IMV Forward-Looking Statements
This press release contains forward-looking information under applicable securities law. All information that addresses activities or developments that we expect to occur in the future is forward-looking information. Forward-looking statements use such word as “will”, “may”, “potential”, “believe”, “expect”, “continue”, “anticipate” and other similar terminology. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements regarding the expected date of trading of the post-consolidation Common Shares and the Corporation’s ability to maintain its Nasdaq listing. However, they should not be regarded as a representation that any of the plans will be achieved. Actual results may differ materially from those set forth in this press release due to risks affecting the Corporation, including access to capital, the successful design and completion of clinical trials and the timely receipt of all regulatory approvals to commence, and then continue, clinical studies and trials and the receipt of all regulatory approvals to commercialize its products.
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Investor Relations
Irina Koffler, Managing Director,
O: (646) 970-4681
M: (917) 734-7387
E: ikoffler@lifesciadvisors.com
Media
Delphine Davan, Senior Director, Communications and Investor Relations,
(902) 492.1819 ext: 1049
ddavan@imv-inc.com
(603) 479 5267
mjoanis@lifescicomms.com
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