Vaxart Leadership Updates Stockholders on Future Plans
Hello Vaxart Stockholders
We would like to extend our heartfelt gratitude for your unwavering support and dedication to Vaxart. Your sustained confidence encourages us as we navigate the complexities of the biotech landscape, focusing on our significant strides and updates regarding our stock's future status and visibility in the market.
The Importance of Nasdaq Relisting
Many of you have been a part of Vaxart’s journey through various peaks and valleys, and we acknowledge your concerns regarding our current stock price. We understand the skepticism surrounding the proposal for a reverse stock split, and we share in your frustrations. However, it’s essential to explain why relisting on Nasdaq is a strategic priority for our future.
Being listed on Nasdaq is not merely a formality; it opens doors to numerous opportunities that could enhance our operations and market presence. A Nasdaq listing brings several advantages, including:
Enhanced Investor Access
A Nasdaq listing significantly broadens our outreach to both retail and institutional investors. Many funds are unable to invest in stocks listed on the OTC markets or those trading below a dollar threshold, severely limiting our investor pool. By relisting on Nasdaq, we aim to attract a wider range of investors, which can help increase our overall market capitalization.
Increased Visibility and Analyst Coverage
Another crucial benefit of a Nasdaq listing is the potential for enhanced visibility and coverage by financial analysts. OTC-listed companies often miss out on valuable insights from analysts who generally focus on Nasdaq-listed firms, which could aid investors in making informed decisions.
Financial Flexibility
Developing innovative vaccines requires substantial financial backing. While we are grateful for the support from government agencies, it’s imperative that we explore multiple financing avenues. A Nasdaq listing can allow us to secure needed funding more effectively, ensuring that we can respond swiftly to opportunities and maintain our developmental momentum.
More Credibility
Being listed among top-tier biotech firms enhances our credibility and positioning in negotiations. This credibility will be vital as we seek partnerships to expedite our vaccine pipeline and research endeavors.
Our Reverse Stock Split Proposal
We understand that reverse stock splits can evoke uncertainty among investors, particularly in the retail sector. However, our decision to propose a reverse stock split stems from the necessity to meet Nasdaq's listing requirements while minimizing shareholder dilution as much as possible.
Our plan includes a distinctly narrow split ratio, aligning interests across the board, including our employees and management. This proposal is not just a financial maneuver; it is a step towards bolstering the long-term value of your investment and ensuring stability.
Your Feedback is Crucial
We invite our stockholders to voice their opinions about this proposal at our upcoming Special Meeting on September 5. This moment is important, and your feedback ensures we proceed in a manner that reflects your interests.
To facilitate conversations, we will host a Stockholder Fireside Chat on August 20, where you can raise your questions. We genuinely want to hear from you and look forward to sharing more updates soon.
Celebrating Progress
As we strive for relisting, we remain steadfast in our commitment to developing breakthrough vaccines. We are thrilled to report recent advancements, including rapid enrollment in our COVID-19 oral vaccine trial and promising results from our Norovirus vaccine development.
COVID-19 Oral Vaccine Update
Our Phase 2b trial has seen impressive enrollment numbers, reaching approximately 5,000 participants. The depth of our data collection from participants is poised to yield meaningful insights in the near future.
Exciting Advancements in Other Areas
Alongside the COVID-19 vaccine, our advancements in the Norovirus and Avian Influenza candidates show promise, with significant safety and efficacy results. These milestones combine to portray Vaxart's commitment to scientific excellence.
While we adjust our financial strategies to extend our operational runway into the following year, the focus remains on delivering significant data outcomes that can redefine our trajectory.
In Conclusion
As we confront these challenges, we remain deeply grateful for your trust in Vaxart’s pursuit of innovation. We are committed to maintaining transparency and fostering a relationship that empowers our stockholders.
Thank you for believing in our mission, and we hope to have your continued support as we move towards greater visibility and impact in the biotech landscape.
Sincerely,
Steven Lo
President & Chief Executive Officer
Frequently Asked Questions
What is the significance of the reverse stock split proposal?
The proposal aims to meet Nasdaq's requirements for relisting while minimizing shareholder dilution through a narrow split ratio.
How can stockholders participate in the upcoming meeting?
Stockholders can voice their opinions at the Special Meeting scheduled for September 5, where their feedback is encouraged.
What recent achievements has Vaxart made in vaccine development?
Vaxart has made significant progress in its vaccine programs, including rapid enrollment in COVID-19 trials and positive results in Norovirus vaccine development.
Who can stockholders contact for voting assistance?
Stockholders can reach out to Vaxart’s proxy solicitation firm, Campaign Management, by phone or email for assistance.
What is Vaxart's vision moving forward?
Vaxart aims to advance innovative oral vaccines that enhance global health while focusing on transparency and long-term value for stakeholders.
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