One of the leading DNA-based intratumoral cancer immunotherapy developers, OncoSec Medical Inc (OTCMKTS:ONCS), announced on Thursday that its board of directors had approved reverse stock split in 1:20 ratio. The initiative has been taken with respect to OncoSec’s preparations to getting listed on NASDAQ Capital Market.
The reverse stock split will cover all the issues, authorized and outstanding common stocks of the company. As per the reports, the reverse stock split will become completely effective with Secretary of State of Nevada in three days time i.e. May 18, 2015. As soon as the Financial Industry Regulatory Authority approves the reverse stock split, the common stock will initiate trading on a split-adjusted basis.
Management’s Backing Up The Initiative:
The senior management of the company has backed up the initiative stating that it will help the company in the long run. According to Punit Dhillon, President and CEO, OncoSec Medical Inc (OTCMKTS:ONCS), it’s one of the best decisions that the company has taken. With the help of the reverse stock split, OncoSec will get listed on a national security exchange, which will give it a chance to attract a diverse shareholder base shortly.
OncoSec has been working on its intratumoral immunotherapy technology round the clock for the last many months. It has come across a lot of findings that once looked impossible. The current initiative of the company to execute the reverse stock split is something that will give it an edge over other rivals in the market.
OncoSec is confident about validating its long awaited ImmunoPulse technology and hopes that things will fall in line with the support of shareholders after the reverse split transaction is executed.
The reverse stock split will be done in 1:20 ratio which means that for every 20 outstanding common stocks, investors will get 1 share of issued and outstanding common stock. The authorized common stock shares will be reduced from 3.2 billion to 1.6 billion.