GenVec (GNVC) Announces Effectiveness of One-for-Ten Reverse Stock Split
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GenVec, Inc. (Nasdaq: GNVC) announced that the Company's previously declared one-for-ten reverse stock split of its outstanding shares of common stock (the "Reverse Stock Split") became effective today prior to the opening of trading on the NASDAQ Capital Market. The Reverse Stock Split was previously authorized at the Company's 2016 Annual Meeting of Shareholders and the Company's Board of Directors approved a ratio within the approved range on November 11, 2016. The Reverse Stock Split is intended to enable GenVec to regain compliance with the $1.00 minimum bid price required for continued listing on NASDAQ Capital Market.
The Reverse Stock Split is effective with respect to shareholders of record at the close of business on November 30, 2016 and trading of the Company's 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 Company's common stock outstanding were combined into one share of common stock and the total number of common stock outstanding were 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.
The Company has retained American Stock Transfer & Trust Company ("AST") to act as exchange agent for the reverse stock split. AST will manage the exchange of old, pre-reverse stock split shares for new post-reverse stock split shares. Stockholders will receive a letter of transmittal providing instructions for the exchange of their shares. Stockholders who hold their shares in "street name" will be contacted by their banks or brokers with any instructions. For further information, stockholders and securities brokers should contact AST at (877) 248-6417 or (718) 921-8317.
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