Vaxil Bio Ltd. Announces Share Consolidation Steps
Updates on Share Consolidation by Vaxil Bio Ltd.
Vaxil Bio Ltd. is taking an important step towards enhancing its market appeal and investor confidence through a share consolidation process. As a leading immunotherapy biotech company, Vaxil has announced that it will consolidate its issued common shares at a ratio of one post-consolidation share for every fifty shares currently held.
Details of the Consolidation Process
The effective date for this consolidation is set for May 15, 2025. On this date, trading of the common shares on the TSX Venture Exchange will commence under the new consolidated structure. This strategic decision aims to optimize share value and simplify the corporate capital structure.
Currently, Vaxil has approximately 136,978,973 shares outstanding. After the consolidation, this number will be reduced to an estimated 2,739,579 shares. It is important to highlight that there will be no fractional shares issued; any fractions will be rounded up to the next whole share. This procedure is designed to ensure a smooth transition for all shareholders.
Process for Registered and Non-Registered Shareholders
The company will be sending out letters of transmittal to all registered shareholders, prompting them to surrender their existing share certificates. They will need to return these certificates while including the necessary documentation to Computershare Investor Services Inc., who handles the company's share transfers. For non-registered shareholders, those holding shares through intermediaries, it’s crucial to recognize that different procedures may apply. Shareholders are advised to consult with their brokers or banks for guidance.
Impact on Options and Warrants
As part of the consolidation, the company informs that outstanding stock options and share purchase warrants will also undergo an adjustment. The exercise prices and quantities will be modified in accordance with the consolidation ratio. This action is pivotal in ensuring that the options and warrants align with the new share structure.
About Vaxil Bio Ltd.
Vaxil Bio Ltd. specializes in innovative immunotherapy solutions, with a keen focus on targeting significant cancer markers and advancing treatments for infectious diseases. Their lead product, ImMucin™, has shown promising results in clinical trials, particularly for multiple myeloma. The product has garnered orphan drug status from the FDA and EMA, underscoring its potential value in cancer therapy.
As Vaxil evaluates its strategic direction, it is contemplating whether to continue the development of ImMucin™ or to explore additional business avenues potentially outside the biotechnology sector to elevate shareholder value. This flexibility demonstrates Vaxil's commitment to pursuing opportunities that align with the interests of its investors.
Continuing Compliance and Disclosure
Vaxil assures its stakeholders of adherence to all regulatory requirements as it moves forward with the consolidation process. The TSX Venture Exchange and its associated regulatory bodies will continue to oversee Vaxil’s compliance with all necessary guidelines. Shareholders can take comfort in knowing that all necessary procedures are being established to maintain transparency and accountability throughout this transition.
Frequently Asked Questions
What is the purpose of Vaxil’s share consolidation?
The share consolidation aims to enhance market perception and simplify the capital structure while potentially increasing the share price.
When will the share consolidation take effect?
The consolidation is set to take effect on May 15, 2025.
How will current shares be impacted?
Current shareholders will exchange 50 of their shares for 1 post-consolidation share.
What should non-registered shareholders do?
Non-registered shareholders are encouraged to consult their brokers regarding the procedures that may differ from those for registered shareholders.
How is Vaxil advancing its biotech initiatives?
Vaxil continues to develop its leading product, ImMucin™, while exploring further opportunities to enhance shareholder value.
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