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Vaxart CEO Issues Letter to Stockholders
Globenewswireยท 2025-08-08 12:00
Core Viewpoint - Vaxart, Inc. is urging stockholders to vote in favor of a reverse stock split proposal to facilitate relisting on Nasdaq, which is deemed essential for the company's future growth and stockholder value [3][6][11]. Group 1: Importance of Relisting - Relisting on Nasdaq is a strategic imperative for Vaxart, as it enhances visibility, liquidity, and access to a broader range of investors, including institutional ones [4][5]. - A Nasdaq listing is expected to improve market perception and provide credibility, which is crucial for attracting partnerships and funding [5][10]. - The company acknowledges the frustration of stockholders regarding the current share price and emphasizes that a reverse stock split is necessary to meet Nasdaq's listing requirements [3][6]. Group 2: Reverse Stock Split Proposal - The reverse stock split proposal aims to minimize dilution by implementing a narrower split ratio and reducing the authorized share count [7][8]. - The company clarifies that the reverse stock split will not alter the fundamental value of investments, only the number of shares held [7]. - All equity holders, including employees and management, will be equally affected by the reverse stock split, aligning interests in share price appreciation [8]. Group 3: Scientific Progress and Financial Position - Vaxart is advancing its oral vaccine development, with significant milestones including rapid enrollment in a COVID-19 Phase 2b trial and positive results for a norovirus vaccine [10][12]. - The company is focused on extending its cash runway into 2026 through cost reductions while maintaining the ability to deliver multiple data readouts [10]. - Vaxart's proprietary delivery platform for oral vaccines positions it to develop innovative solutions for various health challenges [14].