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Vaxart Answers Additional Frequently Asked Questions from Retail Investors
Globenewswire· 2025-05-28 12:00
Core Viewpoint - Vaxart, Inc. is urging stockholders to vote in favor of a reverse stock split proposal to maintain compliance with Nasdaq listing requirements, with a deadline for voting set for June 1, 2025 [1][16]. Group 1: Reverse Stock Split Proposal - The Board of Directors adjourned the Annual Meeting to give stockholders more time to understand the implications of the reverse stock split, especially in light of a potential delisting from Nasdaq [2]. - The reverse stock split is proposed to help regain compliance with Nasdaq's minimum bid price requirement, with a high end of 1-for-20 split ratio being considered [4]. - A proportional reduction in authorized shares will be proposed alongside the reverse stock split to align with investor feedback [3]. Group 2: Financial Strategy and Capital Raising - Vaxart raised $40 million through an underwritten offering to extend its cash runway, as its previous cash guidance was less than six months [8]. - The company has been proactive in exploring partnerships to avoid dilutive financings, although more data is needed to advance discussions [11]. Group 3: Operational Updates and Future Plans - Vaxart is advancing multiple clinical programs, including norovirus and COVID-19 vaccines, which are expected to drive investor interest [5]. - The company has filed broad patent applications for its oral vaccine technology, which is designed to be administered in pill form [17].
Ekso Bionics Announces New Effective Date of Reverse Stock Split
GlobeNewswire News Room· 2025-05-21 20:30
Core Points - Ekso Bionics Holdings, Inc. has updated the effective date of its reverse stock split from May 27, 2025, to June 2, 2025, at a ratio of 1-for-15 [1] - The number of outstanding shares will decrease from approximately 35.5 million to about 2.4 million post-split [2] - The reverse stock split was approved by stockholders to raise the per share trading price and regain compliance with Nasdaq's minimum bid price requirement of $1.00 for ten consecutive trading days [3] Summary by Sections Reverse Stock Split Details - The reverse stock split will not result in fractional shares; any fractional shares will be rounded up to the next whole share [4] - All issued and outstanding shares will be affected, reducing the number of shares issuable upon the exercise of stock options and increasing respective exercise prices [5] Stockholder Information - Stockholders holding shares electronically will not need to take action as their shares will be automatically adjusted [6] - Shareholders with physical certificates can contact VStock Transfer, LLC for information on exchanging their certificates [6] Company Overview - Ekso Bionics is a leading developer of exoskeleton solutions aimed at enhancing human strength, endurance, and mobility in medical and industrial applications [7]
Vaxart Approves Resolutions to Narrow Proposed Reverse Split Range and Proposes Reducing Authorized Shares at Future Stockholder Meeting
Globenewswire· 2025-05-16 12:00
Core Viewpoint - Vaxart, Inc. is urging stockholders to vote in favor of a reverse stock split proposal to avoid delisting from Nasdaq, with support from leading independent proxy advisory firms ISS and Glass Lewis [1] Group 1: Proposal Details - The board of directors has approved two items contingent on the passage of Proposal 2, emphasizing the importance of maintaining the Nasdaq listing for stockholder liquidity and attracting institutional investors [1] - Stockholders who previously voted against Proposal 2 can change their vote by the deadline of May 20, 2025, at 11:59 p.m. Eastern Time [1] Group 2: Company Overview - Vaxart is a clinical-stage biotechnology company focused on developing oral recombinant vaccines using a proprietary delivery platform, which allows for storage and shipping without refrigeration [3] - The company's vaccine development programs include oral vaccines for coronavirus, norovirus, influenza, and a therapeutic vaccine for human papillomavirus (HPV) [3] - Vaxart has filed broad domestic and international patent applications for its oral vaccination technology [3] Group 3: Stock Split Information - The current authorized number of shares will be proportionally reduced according to the reverse stock split ratio, which will not exceed 1-for-20 [5]
Vaxart(VXRT) - 2025 Q1 - Earnings Call Transcript
2025-05-13 21:32
Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $20.9 million, a significant increase from $2.2 million in Q1 2024, primarily driven by the BARDA contract awarded in June 2024 [22][23] - The company ended Q1 2025 with cash, cash equivalents, and investments totaling $41.9 million, with an expected cash runway into Q1 2026 [23] Business Line Data and Key Metrics Changes - The COVID-19 vaccine program has resumed activities following the lifting of the stop work order, with patient screening underway and dosing expected to start in Q2 2025 [5][12] - Enrollment in the Phase 1 trial for the norovirus vaccine was completed quickly, with top-line data expected in mid-2025 [8][15] Market Data and Key Metrics Changes - The company is actively pursuing strategic partnerships to enhance funding and support for its clinical programs, particularly in the norovirus and avian flu vaccine markets [17][19] Company Strategy and Development Direction - The company emphasizes the importance of vaccines in public health and aims to innovate oral pill vaccines that can provide effective and durable protection against infections [9][19] - A reverse stock split is being considered as a measure to maintain NASDAQ listing compliance, with management acknowledging the need for a strategic approach to regain investor confidence [26][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the COVID-19 program's potential and the importance of timely communication with stakeholders, despite contractual limitations [5][6] - The company is navigating challenges in the biotech environment and has made workforce reductions to streamline costs and maximize future opportunities [10][23] Other Important Information - The CFO, Phil Lee, announced his resignation for personal reasons, with Jerome Grossman set to take over [10][11] - The avian flu vaccine program has shown promising preclinical results, with plans to advance to clinical trials [19][20] Q&A Session All Questions and Answers Question: What are the gating factors to start patient dosing in the COVID-19 program? - Management indicated that the stop work order lifting allowed for immediate discussions with BARDA, and patient screening is currently underway, with dosing expected to start soon [37][39] Question: What does a positive outcome look like for the Phase 1 norovirus study? - Success is defined as the new constructs trending better than the old constructs on key immunogenicity endpoints, although statistical significance may not be achievable due to the study size [41][42] Question: What impact did the stop work order have on the expected timeline for the COVID-19 study? - The stop work order had a minor impact, but the company is now reactivating study sites and screening participants, with a projected six-month enrollment period once dosing begins [60][62] Question: Are there ongoing discussions for partnerships related to the norovirus program? - Management confirmed active discussions with a range of companies, with expectations that these will accelerate following the release of top-line results [65][66]
Vaxart(VXRT) - 2025 Q1 - Earnings Call Transcript
2025-05-13 21:30
Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $20.9 million, a significant increase from $2.2 million in Q1 2024, primarily driven by the BARDA contract awarded in June 2024 [19][20] - The company ended Q1 2025 with cash, cash equivalents, and investments totaling $41.9 million, with an expected cash runway into Q1 2026 [20] Business Line Data and Key Metrics Changes - The COVID-19 vaccine program is progressing with the lifting of the stop work order, allowing for the initiation of patient dosing in the Phase 2b trial [4][10] - Enrollment in the Phase 1 trial for the norovirus vaccine was completed quickly, with top-line data expected in mid-2025 [6][12] Market Data and Key Metrics Changes - The company is actively pursuing strategic partnerships to enhance funding and support for its clinical programs, particularly in the norovirus and avian flu vaccine markets [6][17][64] Company Strategy and Development Direction - The company emphasizes the importance of vaccines in public health and aims to innovate oral pill vaccines that can provide effective and durable protection against infections [7][12] - A reverse stock split is being considered as a measure to maintain NASDAQ listing compliance, reflecting the company's focus on regaining investor confidence and market visibility [24][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges in the biotech environment and has made workforce reductions to streamline costs and maximize future opportunities [8] - The lifting of the stop work order for the COVID-19 trial is seen as a positive development, reinforcing the need for novel vaccine technologies [29][30] Other Important Information - The resignation of the CFO, Phil Lee, was announced, with Jerome Grossman set to take over, bringing over 20 years of biotech experience [8][9][21] - The company is committed to transparent communication with shareholders while adhering to contractual obligations with BARDA and HHS [4][5] Q&A Session Summary Question: What are the gating factors to start patient dosing in the COVID-19 program? - Management indicated that the stop work order lifting allowed for the resumption of activities, with patient dosing expected to start in Q2 2025 [32][34] Question: What does a positive outcome look like for the Phase 1 norovirus study? - Success is defined as the new constructs trending better than the old constructs on key immunogenicity endpoints, although statistical significance may not be achievable due to the study size [37][38] Question: What are the implications of the recent DSMB review for the norovirus trial? - The review focused on safety, ensuring a clean safety profile to proceed with the protocol as designed [52] Question: How is the company planning to handle the results from the Sentinel cohort? - Management intends to engage with BARDA for potential interim analysis, with the study concluding in December [48] Question: What is the company's strategy regarding partnerships for the norovirus program? - The company is in discussions with various potential partners, with expectations that interest will accelerate following the release of top-line results [64]
Vaxart Addresses Frequently Asked Questions on Reverse Stock Split Proposal in Definitive Proxy Statement
Globenewswire· 2025-05-12 12:00
Core Viewpoint - Vaxart, Inc. is proposing a reverse stock split to avoid delisting from Nasdaq due to its current share price being below the minimum requirement of $1.00 [2][8] Group 1: Reverse Stock Split Proposal - The reverse stock split is necessary for Vaxart to regain compliance with Nasdaq's minimum bid price requirement [2] - The proposed reverse stock split ratio is between 1-for-5 and 1-for-50, with the intention to select a ratio only high enough to resolve the Nasdaq deficiency [5] - The company prefers to achieve compliance through stock price appreciation rather than executing the reverse stock split if possible [5] Group 2: Impact on Investments - The reverse stock split will not change the aggregate value of a stockholder's investment or their percentage ownership in the company [3][11] - There will be no dilution of Vaxart's stock as the reverse split affects all issued shares uniformly [4] Group 3: Benefits of the Reverse Stock Split - Anticipated benefits include maintaining Nasdaq listing, increasing market visibility, and enhancing long-term value through increased trading volume and financing opportunities [8][10] - Independent proxy advisory firms, ISS and Glass Lewis, recommend stockholders support the reverse stock split proposal due to the risk of delisting [9] Group 4: Company Strategy and Future Plans - The reverse stock split aligns with Vaxart's overall strategy to progress its clinical stage programs for COVID-19 and norovirus while advancing its preclinical pipeline [13] - Vaxart is exploring non-dilutive funding options and partnerships to enhance stockholder value [15]
Longevity Health Holdings, Inc. Announces Reverse Stock Split
Globenewswire· 2025-05-12 12:00
Core Viewpoint - Longevity Health Holdings, Inc. has announced a reverse stock split at a ratio of 1-for-30, which was approved by stockholders and is set to take effect on May 12, 2025 [1][2][3]. Group 1: Reverse Stock Split Details - The reverse stock split will reduce the number of outstanding shares from approximately 30.1 million to about 1 million shares [3]. - The effective time for the reverse stock split is set for May 12, 2025, with trading on a split-adjusted basis expected to begin on May 14, 2025 [2][3]. - No fractional shares will be issued; any fractional shares will be rounded up to the nearest whole share [4]. Group 2: Stockholder and Trading Information - Registered stockholders holding shares in book-entry form will not need to take action to receive post-split shares, while those in brokerage accounts will have their positions automatically adjusted [4]. - Proportional adjustments will be made to the number of shares issuable upon exercise of outstanding stock options and warrants, as well as the exercise prices [5]. Group 3: Company Overview - Longevity Health Holdings, Inc. focuses on bio-aesthetics, particularly in longevity and healthy aging, with product lines including Carmell Secretome™ and Elevai Exosomes™ [7]. - The company sells its products through business-to-business, direct-to-consumer, and distributor sales channels in the United States [7].
CYCLACEL PHARMACEUTICALS ANNOUNCES STOCK SPLIT
Globenewswire· 2025-05-07 13:00
Core Viewpoint - Cyclacel Pharmaceuticals, Inc. will implement a 1-for-16 reverse stock split effective May 12, 2025, with trading to begin on a split-adjusted basis on that day [1][2][3] Group 1: Reverse Stock Split Details - The reverse stock split will convert every 16 shares of common stock into one share, with no fractional shares issued; any resulting fractions will be rounded to the nearest whole number [2] - The board of directors and stockholders approved the reverse stock split, and a Certificate of Amendment will be filed with the Delaware Secretary of State [3] - The number of shares issued and outstanding will decrease from 356,357,531 to 22,272,346 post-split [3] Group 2: Company Overview - Cyclacel is a clinical-stage biopharmaceutical company focused on developing innovative cancer medicines based on cell cycle, epigenetics, and mitosis biology [4] - The company is evaluating plogosertib, a PLK1 inhibitor, in patients with solid tumors and hematological malignancies as part of its epigenetic/anti-mitotic program [4] - Cyclacel aims to build a diversified biopharmaceutical business with a pipeline of novel drug candidates targeting oncology and hematology indications [4]
Solo Brands, Inc. Appeals NYSE Delisting Determination
GlobeNewswire News Room· 2025-05-06 20:30
Core Viewpoint - Solo Brands, Inc. is appealing the NYSE Regulation's decision to delist its Class A common stock due to "abnormally low" price levels, with the aim of restoring compliance with NYSE listing standards [1][2][4]. Group 1: Company Actions and Status - The NYSE Regulation staff determined that Solo Brands' Class A common stock was unsuitable for listing, leading to a trading halt and current quotation on the OTC Pink Market under the symbol "DTCB" [2][3]. - The company plans to continue operating in compliance with SEC regulations and NYSE listing requirements during the appeal period [5]. - If the appeal is successful, trading of the Class A common stock may resume on the NYSE [3]. Group 2: Company Perspective - The interim President and CEO of Solo Brands stated that the current trading price and market capitalization do not reflect the company's value, prompting the appeal [4]. - The company is committed to executing action plans, including a reverse stock split, to restore compliance with NYSE standards [4]. Group 3: Company Overview - Solo Brands is headquartered in Grapevine, TX, and operates a portfolio of lifestyle brands, including Solo Stove, Chubbies, Isle, and Oru, focusing on innovative outdoor and apparel products [6].
Jin Medical International Ltd. – Nasdaq Minimum Bid Price Non-Compliance
Globenewswire· 2025-05-06 20:10
Core Viewpoint - Jin Medical International Ltd. has received a deficiency letter from Nasdaq regarding non-compliance with the minimum bid price requirement for its ordinary shares, which must be at least $1.00 per share for continued listing on The Nasdaq Capital Market [1][2]. Compliance Status - The deficiency notice does not immediately affect the listing status of the ordinary shares, and the company has a compliance period of 180 calendar days, until October 29, 2025, to regain compliance [2][3]. - If the closing bid price reaches or exceeds $1.00 for a minimum of 10 consecutive business days before the deadline, the company will be notified of compliance [2]. Reverse Stock Split - The company may implement a reverse stock split to regain compliance, which must be completed no later than ten business days prior to October 29, 2025 [2][4]. - If the company fails to regain compliance within the initial 180-day period, it may be eligible for an additional compliance period, provided it meets other listing requirements [3][4]. Company Overview - Jin Medical International Ltd. was founded in 2006 and is headquartered in Changzhou, Jiangsu Province, China, focusing on designing, developing, manufacturing, and marketing wheelchairs and living aids for people with disabilities and the elderly [5]. - The company operates two manufacturing plants totaling approximately 230,000 square feet and is establishing a new facility of 430,000 square feet in Chuzhou, Anhui Province [5]. - Jin Medical has over 40 distributors in China and more than 20 international distributors, with a significant portion of its wheelchair products sold to Japan and China [5].