SEATTLE, WA / ACCESSWIRE / March 4, 2024 / Aptevo Therapeutics Inc. (NASDAQ:APVO) ("Aptevo" or the "Company"), today announced that it will conduct a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-44 (the "Reverse Stock Split"). The Reverse Stock Split is expected to become effective on March 5, 2024 at 5:01 p.m. Eastern Time (the "Effective Time"), with shares expected to begin trading on the Nasdaq Capital Market, on a split-adjusted, at market open on March 6, 2024. In connection with the Reverse Stock Split, every 44 shares of the Company's common stock issued and outstanding as of the Effective Time will be automatically converted into one share of the Company's common stock. No change will be made to the trading symbol for the Company's shares of common stock or public warrants, "APVO" and "APVTW", respectively, in connection with the reverse split.
The Reverse Stock Split is part of the Company's plan to regain compliance with the minimum bid price requirement of $1.00 per share required to maintain continued listing on The Nasdaq Capital Market, among other benefits.
The Reverse Stock Split was approved by the Company's stockholders at the Company's Special Meeting of Stockholders held on February 5, 2024 (the "Special Meeting") to be effected in the Board's discretion within approved parameters. Following the Special Meeting, the final ratio was approved by the Company's Board on February 27, 2024.
The Reverse Stock Split will reduce the number of shares of the Company's outstanding common stock from approximately 23.5 million shares (as of the date of this press release, when including issuances in process) to approximately 0.53 million shares, subject to adjustment for rounding, as discussed below and potential additional issuances through the effective date of the Reverse Stock Split.
The reverse split will affect all issued and outstanding shares of common stock. All outstanding options, restricted stock units, warrants, and other securities entitling their holders to purchase or otherwise receive shares of common stock will be adjusted as a result of the reverse split, as required by the terms of each security. The number of shares available to be awarded under the Company's equity incentive plans will also be appropriately adjusted. Following the reverse split, the par value of the Common Stock will remain unchanged at $0.001 par value per share. The reverse split will not change the authorized number of shares of common stock or preferred stock. No fractional shares will be issued in connection with the reverse split, and stockholders who would otherwise be entitled to receive a fractional share will instead receive a cash payment in lieu of such fractional share.
Additional information regarding the reverse stock split is available in the Company's definitive proxy statement originally filed with the U.S. Securities and Exchange Commission (SEC) on December 22, 2023, supplements to proxy statement filed with the SEC on January 16, 2024 and January 30, 2024 and a Current Report on Form 8-K which the Company plans to file following the Effective Time.
About Aptevo Therapeutics
Aptevo Therapeutics Inc. is a clinical-stage biotechnology company focused on developing novel bispecific immunotherapies for the treatment of cancer. Aptevo is seeking to improve treatment outcomes and transform the lives of cancer patients. For more information, please visit www.aptevotherapeutics.com.
Forward-Looking Statements
This press release includes "forward-looking statements", including information about management's view of the Company's future expectations, plans and prospects, within the safe harbor provisions provided under federal securities laws, including under The Private Securities Litigation Reform Act of 1995 (the "Act"). Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results and, consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements and factors that may cause such differences include, without limitation, our ability to continue as a going concern; our plans to develop and commercialize our drug candidates; our ability to become profitable; our estimates regarding expenses, future revenue, capital requirements and needs for additional financing; our ability to maintain and establish collaborations or obtain additional funding; our ability to obtain regulatory approval of current and future drug candidates; our expectations regarding our ability to fund operating expenses and capital expenditure requirements with our existing cash and cash equivalents, and future expenses and expenditures; our ability to secure sufficient funding and alternative source of funding to support when needed and on terms favorable to us to support our business objective, product development, other operations or commercialization efforts; the success of our clinical development activities, clinical trials and research and development programs; our ability to retain key employees, consultants and advisors; our ability to obtain, maintain, protect and enforce sufficient intellectual property rights for our candidates and technology; our anticipated strategies and our ability to manage our business operations effectively; the impact of legislative, regulatory or policy changes; and the possibility that we may be adversely impacted by other economic, business, and/or competitive factors. These risk factors and others are included from time to time in documents the Company files with the Securities and Exchange Commission, including, but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks, and including the Annual Report on Form 10-K for the year ended December 31, 2023, and future SEC filings. These reports and filings are available at www.sec.gov and are available for download, free of charge, soon after such reports are filed with or furnished to the SEC, on the "Investors" page of our website at www.apvotherapeutics.com. All subsequent written and oral forward-looking statements concerning the Company, the results of the Company's clinical trial results and studies or other matters and attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, including the forward-looking statements included in this press release, which are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as otherwise provided by law.
Contact:
Miriam Weber Miller
Head, Investor Relations & Corporate Communications
Aptevo Therapeutics
Email: IR@apvo.com or Millerm@apvo.com
Phone: 206-859-6628
SOURCE: Aptevo Therapeutics
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