GenVec, Inc. (NASDAQ:GNVC) Files An 8-K Other Events
Item 8.01 Other Events
On November 16, 2016, GenVec, Inc. (the Company) announced that
it will implement a one-for-10 reverse stock split of the
Companys outstanding shares of common stock (the Reverse Stock
Split). The Company expects that the Reverse Stock Split will be
effective with respect to stockholders of record at the close of
business on November 30, 2016 and that trading of the Companys
common stock on the NASDAQ Capital Market will begin on a
split-adjusted basis at the opening of trading on December 1,
2016. As a result of the Reverse Stock Split, each 10 shares of
the Companys common stock outstanding will be combined into one
share of common stock and the total number of shares of common
stock outstanding will be reduced from approximately 22.73
million shares to approximately 2.27 million shares. Stockholders
will receive cash in lieu of any fraction of a share that
stockholders would otherwise be entitled to receive as a result
of the Reverse Stock Split.
At the Companys 2016 Annual Meeting of Shareholders held on
October 20, 2016, the Companys stockholders previously authorized
a reverse stock split of the Companys outstanding shares of
common stock, subject to further action of the Companys Board of
Directors. The Board of Directors proposed a reverse stock split
primarily for the objective of raising the per share trading
price of the Companys common stock as needed to maintain the
listing of the common stock on the NASDAQ Capital Market. As
previously disclosed, on February 24, 2016, the Company received
notification that it would be afforded 180 calendar days, or
until August 22, 2016, to regain compliance with NASDAQs minimum
bid price requirement (the Bid Price Requirement), and on August
23, 2016, the Company received notice that it had been afforded a
second 180 calendar day grace period, or until February 21, 2017,
to regain compliance. To regain compliance with the Bid Price
Requirement, the closing bid price of the Companys common stock
must meet or exceed $1.00 per share for at least ten consecutive
business days.
Statements herein relating to future financial or business
performance, including with respect to the timing and
effectiveness of the Reverse Stock Split and the Companys ability
to regain compliance with the Bid Price Requirement, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act. These forward-looking
statements are subject to numerous assumptions, risks and
uncertainties, which may change over time, and there can be no
assurance that the Company will be able to implement the Reverse
Stock Split or regain compliance with the Bid Price Rule. Further
information on the factors and risks that could affect the
Companys financial or business performance are contained in the
Companys filings with the U.S. Securities and Exchange Commission
(the SEC), including the risk factors discussed in Item 1A of
Part I of the Companys Form 10-K for the year ended December 31,
2015 and subsequent reports filed with the SEC. These
forward-looking statements speak only as of the date of this
report, and the Company assumes no duty to update forward-looking
statements.
About GenVec, Inc. (NASDAQ:GNVC)