Oragenics, Inc. discloses one-for-sixty reverse stock split

Oragenics, Inc., a biotech company dedicated to fighting infectious diseases including Covid-19, today announced that its Board of Directors on December 22, 2022 approved a 1-for-60 reverse stock split of the Company’s issued and outstanding shares of common stock, par value $0.001 per share, accompanied by a corresponding decrease in the Company’s authorized shares of common stock, such that, following the consummation of the Reverse Stock Split, the number of authorized shares of common stock will be reduced from 250,000,000 shares to 4,166,666 shares. As a result of the Reverse Stock Split, the Company’s common stock is expected to begin trading on a split-adjusted basis when the markets open on January 23, 2023.

As a result of the Reverse Stock Split, every 60 pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of holders, and the number of issued and outstanding common shares will be reduced from approximately 117.6 million shares to approximately 1.9 million shares. Any fractional shares resulting from the Reverse Stock Split will be rounded up to the nearest whole share on a per shareholder basis. Proportionate adjustments will be made to (i) shares of common stock issuable upon exercise or conversion of all issued and outstanding options, warrants and convertible securities of every kind, and (ii) shares outstanding and authorized for issuance under the Company’s 2021 Equity Incentive Plan. The Reverse Stock Split will neither affect the par value of the common stock nor will it affect the Company’s authorized preferred stock, except to affect, where applicable, the conversion rates of outstanding shares of preferred stock.

The Board approved the Reverse Stock Split unilaterally, and without shareholder approval, pursuant to Section 607.10025 of the Florida Business Corporation Act (the “FBCA”), to enable the Company to expeditiously meet the continued listing standards of the NYSE American, LLC (the “NYSE American”) and to reduce the risk of the Company being automatically delisted from the NYSE American due to the trading price of its common stock falling below the price that the NYSE American views as low. The Company anticipates that the effective time of the Reverse Stock Split will be after the market closes on January 20, 2023 with the common stock trading on a post-split basis when the market opens on January 23, 2023 under the existing trading symbol “OGEN” with a new CUSIIP number, 684023 500. The Reverse Stock Split will increase the market price per share of the Company’s common stock which is expected to bring the Company into compliance with the applicable listing requirements of the NYSE American.

Commenting on the matter, President and CEO Ms. Kimberly Murphy stated: “We believe that the resulting increase in share price from the reverse split will facilitate compliance with our NYSE American listing and improve the perception of our common stock and increase the appeal of our stock to a broader range of investors.” Business Wire