Argos Announces One-for-Twenty Reverse Stock Split
19 January 2018 - 12:00AM
Argos Therapeutics Inc. (NASDAQ:ARGS), an immuno-oncology company
focused on the development and commercialization of individualized
immunotherapies based on the Arcelis® precision immunotherapy
technology platform, today announced that its Board of Directors
approved a one-for-twenty reverse split of the Company’s common
stock that will take effect today, January 18, 2018 after the close
of trading.
The reverse stock split will affect all holders of
common stock uniformly and will not alter any stockholder's
percentage interest in the Company's equity, except to the extent
that the reverse stock split would result in a stockholder owning a
fractional share. No fractional shares of common stock will be
granted in connection with the reverse stock split; stockholders
who would otherwise be entitled to a fractional share of common
stock will be entitled to receive a proportional cash payment. The
reverse stock split will not change the par value of the common
stock or the authorized number of shares of common stock of
Argos.
Argos will effect the reverse stock split by filing an amendment
to its certificate of incorporation reflecting the approved split
ratio, and the Company anticipates that shares of Argos' common
stock will begin trading on The Nasdaq Capital Market on a
split-adjusted basis when the market opens on January 19, 2018
under a new CUSIP number, 040221 202.
Argos’ transfer agent, Computershare, will instruct certificate
shareholders on the exchange process once the reverse stock split
takes effect. Shareholders holding their shares in book-entry form
or in brokerage accounts need not take any action in connection
with the reverse stock split. Beneficial holders are encouraged to
contact their bank, broker or custodian with any procedural
questions.
The Company also announced that, on January 17, 2018, it
received a determination from the NASDAQ Listing Qualifications
Panel (the “Panel”) indicating that the Panel has granted the
Company’s request to transfer its listing from The Nasdaq Global
Market to The Nasdaq Capital Market, and to continue the Company’s
listing on that market, provided that on or before February 2, 2018
the Company has demonstrated a closing bid price of $1.00 or more
for a minimum of ten prior consecutive trading days and that on or
before April 24, 2018 the Company has satisfied the $2.5 million
stockholders’ equity requirement for continued listing on The
Nasdaq Capital Market and demonstrated to the Panel that it can
sustain compliance with such stockholders’ equity requirement
through the end of fiscal 2018, among other actions, and provided
further that the Company otherwise continues to meet the
continued listing requirements of The Nasdaq Capital Market. The
Company’s common stock will begin trading on The Nasdaq Capital
Market effective with the open of business on Friday, January 19,
2018. The Company’s common stock will continue to trade under the
symbol ARGS.
The determination follows the Company’s hearing before the
Panel, at which the Panel considered the Company’s plan to evidence
compliance with various requirements for continued listing on The
NASDAQ Capital Market.
About Argos Therapeutics
Argos Therapeutics is an immuno-oncology company focused on the
development and commercialization of individualized immunotherapies
for the treatment of cancer and infectious diseases using its
Arcelis® technology platform. Argos' most advanced product
candidate, Rocapuldencel-T, is being evaluated in the pivotal ADAPT
Phase 3 clinical trial for the treatment of metastatic renal cell
carcinoma (mRCC). Argos is also developing a separate
Arcelis®-based product candidate, AGS-004, for the treatment of
human immunodeficiency virus (HIV), which is currently being
evaluated in combination with vorinostat, a latency-reversing drug,
in an investigator-initiated Phase 2 clinical trial aimed at HIV
eradication in adult patients. Funding for the development of
AGS-004 has been provided by the National Institutes of Health, the
National Institute of Allergy and Infectious Diseases, and the
Collaboratory of Research for AIDS Eradication.
Forward Looking Statements
Any statements in this press release about Argos' future
expectations, plans and prospects, including statements about
Argos’ ability to maintain its listing on The Nasdaq Capital Market
and other statements containing the words "believes,"
"anticipates," "estimates," "expects," "intends," "plans,"
"predicts," "projects," "targets," "may," "potential," "will,"
"would," "could," "should," "continue," and similar expressions,
constitute forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from those indicated by such
forward-looking statements as a result of various important
factors, including whether Argos will be able to satisfy the
conditions of the Panel when required or at all; and other factors
discussed in the "Risk Factors" section of Argos' Form 10-Q for the
quarter ended September 30, 2017, which is on file with the SEC,
and in other filings Argos makes with the SEC from time to
time.
In addition, the forward-looking statements included in this
press release represent Argos' views as of the date hereof. Argos
anticipates that subsequent events and developments will cause
Argos' views to change. However, while Argos may elect to update
these forward-looking statements at some point in the future, Argos
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Argos' views as of any date subsequent to the date
hereof.
Investor contact: Richard Katz, MD, MBA Chief Financial Officer
Argos Therapeutics, Inc. 919-287-6315
rkatz@argostherapeutics.com
Media Contact: Adam Daley Berry & Company Public Relations
212.253.8881 adaley@berrypr.com