HOOKIPA Pharma Announces Effective Date of 1-for-10 Reverse Stock Split

Core Viewpoint - HOOKIPA Pharma Inc. will implement a 1-for-10 reverse stock split effective July 9, 2024, to comply with Nasdaq's minimum bid price requirement, reducing the number of outstanding shares from approximately 96.6 million to about 9.7 million [5][10]. Company Overview - HOOKIPA Pharma Inc. is a clinical-stage biopharmaceutical company focused on developing novel immunotherapies using its proprietary arenavirus platform, targeting serious diseases such as Human Papillomavirus 16-positive cancers and KRAS-mutated cancers [6]. Reverse Stock Split Details - The reverse stock split will combine every 10 shares of common stock into one share, with no change in par value, and will not issue fractional shares, instead providing cash payments for them [3]. - Following the split, the number of authorized shares will decrease from 400 million to 40 million, with proportional adjustments made to various stock options and convertible preferred stock [3]. - The common stock will continue trading on the Nasdaq under the symbol "HOOK" with a new CUSIP number [5]. Market Impact - The reverse stock split is part of the company's strategy to regain compliance with Nasdaq's minimum bid price requirement, which is crucial for maintaining its listing on the exchange [5].