BRYAN, Texas and SAN DIEGO, Nov. 27, 2023 (GLOBE NEWSWIRE) — iBio, Inc. (NYSEA:IBIO) today announced that its Board of Directors has approved a 20-to-1 reverse split of the Company’s common stock, par value $0.001 per share effective at 12:01 a.m. ET on November 29, 2023. The Common Stock is expected to begin trading on a split-adjusted basis when the market opens on November 29, 2023, with the new CUSIP number 451033708.
The reverse stock split was authorized by iBio’s stockholders at the Company’s 2023 Annual Meeting, held earlier today, with a ratio ranging from 1-for-5 to 1-for-20 (the “Range”), with the ration within such Range to be determined at the discretion of the Company’s Board of Directors. As a result of the reverse stock split, every 20 shares of the Company’s Common Stock issued and outstanding will be automatically combined into one share of common stock, with no change in the $0.0001 par value per share. Holders of fractional shares will be entitled to receive a cash payment equal to the number of shares of the Common Stock held by such stockholder before the reverse stock split that would otherwise have been exchanged for such fractional share interest multiplied by the average closing sales price of the Common Stock as reported on the NYSE American for the ten days preceding the Effective Date. As a result of the reverse split, the number of shares of the Company’s outstanding Common Stock will be reduced from 28,100,733 shares to 1,405,036 shares.
The exercise prices of all outstanding stock options, warrants, and equity incentive plans will be adjusted in accordance with their respective terms. The reverse stock split will affect all stockholders uniformly and will not affect any stockholder’s ownership percentage of the Company’s shares with the exception of those holders of fractional shares.
The Company’s transfer agent, Continental Stock Transfer & Trust Company, which is also acting as the exchange agent for the reverse split, will send instructions to stockholders of record who hold stock certificates regarding the exchange of their old certificates for new certificates, should they wish to do so. Stockholders who hold their shares in brokerage accounts or “street name” are not required to take any action to effect the exchange of their shares.
About iBio, Inc.
iBio develops next-generation biopharmaceuticals using computational biology and 3D-modeling of subdominant and conformational epitopes, prospectively enabling the discovery of new antibody treatments for hard-to-target cancers and other diseases. iBio’s mission is to decrease drug failures, shorten drug development timelines, and open up new frontiers against the most promising targets. For more information, visit www.ibioinc.com.
