Vaxart approves resolutions to narrow reverse split range, reduce shares

The board of directors approved the following two items, if Proposal #2 passes: The current authorized number of shares of the Company’s common stock would be proportionally reduced in line with the reverse stock split ratio, to be approved by stockholders at a future special meeting of stockholders that would be scheduled by the board of directors shortly after the Annual Meeting. A reverse split of the common stock would not exceed any ratio higher than 1-for-20. “We value the input of our stockholders, and these amendments directly address the feedback we received,” said Steven Lo, President & Chief Executive Officer. “A vote ‘FOR’ Proposal #2 helps us maintain our Nasdaq listing and continue our important work in advancing our oral pill vaccine technology. Vaxart’s (VXRT) Nasdaq listing is critical to preserving stockholder liquidity and a stable robust market for Vaxart’s shares. It also enables investment from institutional investors who may otherwise be unable to hold shares that aren’t listed on a major exchange.”