Theriva Biologics, Inc. (NYSE American: TOVX), a clinical-stage company dedicated to developing therapies for diseases in high-need areas, has announced a reverse stock split of its issued and outstanding common stock. The ratio for this operation will be one common stock for every twenty-five common stocks, and will be effective as of 00:01 Eastern time on August 26, 2024.
The company’s Board of Directors approved this measure on August 15, 2024. According to the laws of the State of Nevada, where the company is incorporated, the Board has the authority to proceed with this type of decision without the approval of the shareholders, as long as the total number of authorized and outstanding shares is proportionally reduced.
To formalize the reverse stock split, the company will file a certificate of amendment to its bylaws with the Secretary of State of Nevada. The stocks will continue to be traded on the New York Stock Exchange (NYSE) under the symbol “TOVX” with a new CUSIP number 87164U 508. Shareholders will see how every twenty-five of their current shares automatically convert into a new common stock, without the need for any action on their part. This operation will reduce the number of outstanding shares from 25,131,230 to 1,005,249, excluding fractional shares. Shareholders entitled to fractional shares will receive an additional share to round off the amount.
Equiniti Trust Company, the transfer agent, will send instructions on how to exchange certificates to registered shareholders who wish to exchange their old certificates for the new ones. Shareholders with brokerage accounts will not need to take any additional action.
Theriva Biologics is known for developing therapies aimed at treating cancer and other related diseases in high-need areas. The company has designed an innovative platform of oncolytic adenoviruses for intravenous, intravitreal, and antitumor administration, with the goal of triggering the death of tumor cells and improving access to co-administered therapies. Among its main candidates are VCN-01, SYN-004 (ribaxamase), and SYN-020, all developed for different applications in the treatment of cancer and other gastrointestinal diseases.
In the statement, the company also emphasizes that forward-looking statements are subject to risks and uncertainties, warning that desired results may not be achieved.
For more information on Theriva Biologics, Inc., it is recommended to visit their official website.
via: MiMub in Spanish
