BiondVax Announces ADS Ratio Change Implementation Plan
JERUSALEM, Nov. 10, 2022 (GLOBE NEWSWIRE) — via InvestorWire — BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV) (“BiondVax”), a biotechnology company focused on the development, manufacturing and commercialization of innovative immunotherapeutic products primarily for the treatment of infectious diseases and autoimmune diseases, today announces that it plans to change the ratio American Depositary Shares (ADS) of the company. to its unlisted ordinary shares from the current ratio of one (1) ADS representing forty (40) ordinary shares to a new ratio of one (1) ADS representing four hundred (400) ordinary shares. The change in ratio will have the same effect as a reverse split of existing ADSs of one (1) new ADS for ten (10) old ADSs. The expected effective date of the ratio change is November 25, 2022, and the Company’s ADSs will continue to trade on the Nasdaq Capital Market (“Nasdaq”) under the symbol “BVXV” with a new CUSIP number. 09073Q204.
No action is required on the part of ADS holders to effect the ratio change, as the change will be effected on the books of the ADS custodian.
No new fractional ADS will be issued as part of the change in the ADS ratio. Instead, the fractional rights in the new ADSs will be aggregated and the depositary bank will attempt to sell them with the net cash proceeds from the sale of the fractional rights in the ADSs to be distributed to the relevant ADS holders by the depositary bank.
On November 2, 2022, the Company announced that it had received a notification from Nasdaq regarding non-compliance with the requirement to maintain a minimum bid price of $1.00 per share. Following the change in the ADS ratio, the price of its ADS should increase proportionally, although BiondVax cannot guarantee that the price of the ADS after the change in the ADS ratio will be equal to or greater than ten times the price of the ADS before change.
BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV) is a biopharmaceutical company focused on developing, manufacturing and marketing innovative immunotherapeutic products primarily for the treatment of infectious and autoimmune diseases. Since its inception, BiondVax has completed eight clinical trials, including a phase 3 trial in seven countries and 12,400 participants of its previous vaccine candidate and has built a state-of-the-art manufacturing facility for biopharmaceuticals. With highly experienced leadership in the pharmaceutical industry, BiondVax aims to develop a pipeline of diverse and commercially viable products and platforms, starting with an innovative nanoscale antibody (NanoAb) pipeline. www.biondvax.com.
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This press release contains forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. Words such as “expect”, “believe”, “intend”, “plan”, “continue”, “may”, “anticipate” and similar expressions are intended to identify forward-looking statements. All statements, other than statements of historical fact, included in this communication regarding strategy, future operations, future financings, future financial condition, future revenues, projected expenditures, prospects, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, the future price of our ADSs. These forward-looking statements reflect management’s current beliefs with respect to certain current and future events and are subject to various risks, uncertainties and assumptions that could cause actual results to differ materially from those expected by the management of BiondVax Pharmaceuticals Ltd. . The risks and uncertainties include, but are not limited to, risk that the price of our The ADSs will not increase proportionally due to the change in the ADS ratio, the company not being able to raise capital on acceptable terms or at all, the risk that the company does not submit an acceptable compliance plan for the Nasdaq, the risk that the therapeutics and commercial potential of NanoAbs will not be realized; the risk of delay of preclinical and clinical data of the NanoAbs, if any; the risk that clinical trials relating to NanoAbs will fail in whole or in part; the risk that BiondVax may not be able to obtain additional capital on attractive terms, if at all; risks related to the COVID-19 (coronavirus) pandemic; BiondVax’s ability to acquire rights to additional product opportunities; BiondVax’s ability to enter into collaborations on terms acceptable to BiondVax or not at all; the timing of receipt of regulatory approval from BiondVax’s Jerusalem manufacturing facility, if any or when required; the risk that the manufacturing facility cannot be used for a wide variety of applications and other vaccine and treatment technologies, and the risk that drug development will involve a long and expensive process with uncertain outcomes. More detailed information about the risks and uncertainties affecting the Company can be found under the heading “Risk Factors” in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 28, 2022. BiondVax does not assume no obligation to revise or update any forward-looking statement for any reason.