LONDON, Dec. 14,
2023 /PRNewswire/ -- Virax Biolabs Group Limited
(NASDAQ: VRAX) ("Virax" or the "Company"), an innovative
diagnostics company focused on the detection of immune responses
and diagnosis of viral diseases, today announced that the annual
general meetings of the shareholders held on Wednesday,
December 6, 2023, at BioCity Glasgow, Bo'Ness Road, Newhouse,
Lanarkshire, ML1 5UH, approved the
proposed 1-for-10 share consolidation of its ordinary shares
of US$0.0001 par value each (the "Share
Consolidation").
Beginning with the opening of trading on December 18, 2023,
the Company's ordinary shares will begin trading on a post-Share
Consolidation basis on the Nasdaq Capital Market under the same
symbol "VRAX", but under a new CUSIP number of G9495L125. The
objective of the Share Consolidation is to enable the Company to
regain compliance with Nasdaq Marketplace Rule 5550(a)(2) and
maintain its listing on the Nasdaq Capital Market.
Upon the effectiveness of the Share Consolidation, every ten
issued and outstanding ordinary shares of a par value
of US$0.0001 each will automatically be consolidated into
one issued and outstanding ordinary share of a par value
of US$0.001 each. No fractional shares will be issued as
a result of the Share Consolidation. Instead, any fractional shares
that would have resulted from the Share Consolidation will be
rounded up to the next whole number. The Share Consolidation
affects all shareholders uniformly and will not alter any
shareholder's percentage interest in the Company's outstanding
ordinary shares, except for adjustments that may result from the
treatment of fractional shares. The Share Consolidation was
approved by the Company's board of directors on November 3,
2023, and its shareholders on December 6, 2023. The
Company has filed a third Amended and Restated Memorandum and
Articles of Association with the Cayman Islands Registrar of
Companies.
About Virax Biolabs Group Limited.
Founded in 2013, Virax Biolabs Group Limited is an innovative
biotech company focused on the detection of immune responses to and
diagnosis of viral diseases. In addition to distributing an array
of in-vitro diagnostic test kits, Virax Biolabs Group Limited is
currently developing a proprietary T-Cell Test technology with the
intention of providing an immunology profiling platform that
assesses each individual's immune risk profile against major global
viral threats. T-Cell testing can be particularly effective in the
diagnosis of and therapeutics to combat COVID-19 as well as other
threats including Monkeypox, Hepatitis B, Malaria, Herpes and Human
Papillomavirus.
For more information, please
visit www.viraxbiolabs.com.
Caution Concerning Forward Looking Statements:
This press release contains forward-looking statements. In
addition, from time to time, we or our representatives may make
forward-looking statements orally or in writing. We base these
forward-looking statements on our expectations and projections
about future events, which we derive from the information currently
available to us. Such forward-looking statements relate to future
events or our future performance, including: our financial
performance and projections; our growth in revenue and earnings;
and our business prospects and opportunities. You can identify
forward-looking statements by those that are not historical in
nature, particularly those that use terminology such as "may,"
"should," "expects," "anticipates," "contemplates," "estimates,"
"believes," "plans," "projected," "predicts," "potential," or
"hopes" or the negative of these or similar terms. In evaluating
these forward-looking statements, you should consider various
factors, including: our ability to change the direction of the
Company; our ability to keep pace with new technology and changing
market needs; and the competitive environment of our business.
These and other factors may cause our actual results to differ
materially from any forward-looking statement. Forward-looking
statements are only predictions. The forward-looking events
discussed in this press release and other statements made from time
to time by us or our representatives, may not occur, and actual
events and results may differ materially and are subject to risks,
uncertainties, and assumptions about us. These forward-looking
statements are based on information currently available to Virax
and its current plans or expectations and are subject to a number
of known and unknown uncertainties, risks and other important
factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. These and other important factors are
described in detail in the "Risk Factors" section of Virax's Annual
Report on Form 20-F for the year ended March 31, 2023.
Although we believe the expectations reflected in such
forward-looking statements are reasonable, we can give no assurance
that such expectations will prove to be correct. We are not
obligated to publicly update or revise any forward-looking
statement, whether as a result of uncertainties and assumptions,
the forward-looking events discussed in this press release and
other statements made from time to time by us or our
representatives might not occur.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/virax-biolabs-group-limited-announces-1-for-10-share-consolidation-302015452.html
SOURCE Virax Biolabs