LUND, Sweden , Dec. 7, 2020 /PRNewswire/ -- At the Extraordinary General Meeting of BioInvent International AB (publ) ("BioInvent") on 27 November 2020, a reverse share split was resolved upon, whereby twenty-five existing shares will be consolidated into one new share (Sw. sammanläggning 1:25). The Board of Directors was authorized to determine the record date for the reverse share split.
The Board of Directors has now determined that the record date for the reverse share split will be 15 December 2020, which means that the last day for trading in the share prior to the reverse share split is 11 December 2020, and the first day for trading in the share after the reverse share split is 14 December 2020. This means that the share price as from and including 14 December 2020 will reflect the effect of the reverse share split.
The reverse share split will result in a decrease of shares in the company from 984,402,407 to 39,376,096. The reverse share split will result in a change of the share's par value from SEK 0.08 to approximately SEK 2.00.
As a result of the reverse share split, the shares in BioInvent will as from and including 14 December 2020 change ISIN code. The new ISIN code is SE0015244520.
The reverse share split of the company's shares will be effected automatically via Euroclear Sweden AB and shareholders do not need to take any action. If a shareholders' holding of shares does not correspond to a full number of new shares, the excessive shares will pass to the company at the record date and excessive shares will thereafter be sold by Aktieinvest FK AB at the company's expense, whereby concerned shareholders automatically will receive their part of the sales proceeds. Payment of the sales proceeds is expected to take place around 7 January 2020.
About BioInvent
BioInvent International AB (OMXS: BINV) is a clinical stage company that discovers and develops novel and first-in-class immuno-modulatory antibodies for cancer therapies, with two ongoing programs in Phase l/ll clinical trials for the treatment of hematological cancer and solid tumors, respectively. Two preclinical programs in solid tumors are expected to have entered clinical trials by the end of 2020. The company's validated, proprietary F.I.R.S.T technology platform simultaneously identifies both targets and the antibodies that bind to them, generating many promising new drug candidates to fuel the company's own clinical development pipeline or for additional licensing and partnering.
The company generates revenues from research collaborations and license agreements with multiple top-tier pharmaceutical companies, as well as from producing antibodies for third parties in the company's fully integrated manufacturing unit. More information is available at www.bioinvent.com.
For further information, please contact:
Martin Welschof, CEO
+46 (0)46 286 85 50
martin.welschof@bioinvent.com
BioInvent International AB (publ)
Co. Reg. No. Org nr: 556537-7263
Visiting address: Sölvegatan 41
Mailing address: 223 70 LUND
Phone: +46 (0)46 286 85 50
www.bioinvent.com
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The following files are available for download:
https://mb.cision.com/Main/583/3249985/1344907.pdf | Press release (PDF) |
