GeoVax Labs, Inc. (OTC Bulletin Board: GOVX), a biotechnology company that creates, develops, and tests innovative HIV/AIDS vaccines, today announced it will implement a 1-for-50 reverse stock split effective following the close of business on April 27, 2010. After the reverse stock split, the Company will be authorized to issue up to 40 million shares of stock, of which approximately 15.7 million shares will be outstanding. For the 20-day period beginning April 28, 2010, GeoVax's ticker symbol will be "GOVXD" to reflect the post-split price. Following that period, the ticker symbol will revert to "GOVX."
The Company also announced that it has applied for listing its common stock on NASDAQ Capital Market. The reverse split is intended, among other things, to allow the Company to meet NASDAQ's minimum stock price requirements. The Company's listing on NASDAQ is subject to review by NASDAQ and is dependent upon the Company meeting all relevant quantitative and qualitative listing criteria.
Robert T. McNally, PhD, President and CEO of GeoVax, commented, "I am grateful for the support of the shareholders in approving our reverse split; 78% of all outstanding shares voted in favor of the proposal, with 91% of the shares represented at the special shareholder meeting voting in favor. In addition to helping us meet the requirements for listing on NASDAQ, we believe the reverse stock split will help us attract new institutional and retail support in the market."
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