InVivo Therapeutics Holdings Corp. (NASDAQ:NVIV) Files An 8-K Other Events
Item 8.01 Other Events
On February 3, 2020, the Board of Directors of InVivo Therapeutics Holdings Corp. (the “Company”) approved a 1-for-30 reverse stock split of the Company’s authorized shares of common stock, par value $0.00001 per share (the “Common Stock”), accompanied by a corresponding decrease in the Company’s issued and outstanding shares of Common Stock (the “Reverse Stock Split”), such that, following the consummation of the Reverse Stock Split, the number of authorized shares of Common Stock shall be reduced from 500,000,000 to 16,666,667. The Reverse Stock Split will become effective at the effective time set forth in the Certificate of Change to be filed with the Secretary of State of the State of Nevada (the “Certificate of Change”). The Company expects to file the Certificate of Change following the completion of certain related administrative processes, which the Company expects to be on or about February 10, 2020, and anticipates that the effective time of the Reverse Stock Split will be on or about 5:00 pm New York time on February 11, 2020, with the Common Stock trading on a post-split basis under the Company\’s existing trading symbol, "NVIV," at the market open on February 12, 2020. Fractional shares resulting from the Reverse Stock Split shall be rounded up to the nearest whole share, and all shares of Common Stock (including fractions thereof) issuable upon the Reverse Stock Split to a given stockholder shall be aggregated for the purpose of determining whether the Reverse Stock Split would result in the issuance of a fractional share. to Section 78.209 of the Nevada Revised Statutes, the Company’s Board of Directors may take action to effect the Reverse Stock Split by filing a Certificate of Change with the Secretary of State of the State of Nevada without the consent of the Company’s stockholders.
Cautionary Note Regarding Forward-Looking Statements
Any statements contained in this Current Report on Form 8-K that do not describe historical facts may constitute forward-looking statements within the meaning of the federal securities laws. These statements can be identified by words such as “believe,” “anticipate,” “intend,” “estimate,” “will,” “may,” “should,” “expect,” “designed to,” “potentially,” and similar expressions. Any forward-looking statements contained herein are based on current expectations and are subject to a number of risks and uncertainties. Factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the proposed Reverse Stock Split and the administrative processes related thereto. Additional risk factors are described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and its other filings with the SEC, including quarterly reports on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake to update these forward-looking statements.
About InVivo Therapeutics Holdings Corp. (NASDAQ:NVIV)
InVivo Therapeutics Holdings Corp., formerly Design Source, Inc., is a research and clinical-stage biomaterials and biotechnology company. The Company is engaged in developing and commercializing biopolymer-scaffolding devices for the treatment of spinal cord injuries (SCI). The Company’s approach to treating acute SCIs is based on its investigational Neuro Spinal Scaffold implant, an investigational bioresorbable polymer scaffold that is designed for implantation at the site of injury within a spinal cord contusion and is intended to treat acute spinal cord injury. The Neuro-Spinal Scaffold consists of biocompatible and bioresorbable polymers, which include poly lactic-co-glycolic acid (PLGA) and Poly-L-Lysine (PLL). The Company is also evaluating other technologies and therapeutics that may be complementary to its development of the Neuro-Spinal Scaffold implant. The Company has a clinical development program for acute SCI and a preclinical development program for chronic SCI.
