Vaxart issues letter to shareholders related to reverse stock split proposal

Vaxart (VXRT) issued the following letter to its stockholders from its President & Chief Executive Officer, Steven Lo. “We understand that some stockholders-particularly those who have been with us for years-may feel frustrated by the current share price and are skeptical about another reverse stock split proposal… Being listed on Nasdaq offers critical advantages that directly impact our ability to continue to advance toward developing and commercializing our products, making Vaxart and our vaccines more valuable to potential non-dilutive, strategic and other investors and ultimately giving us the best chance to see share price appreciation… We recognize that reverse stock splits are often met with concern, especially among retail investors. Let us be clear: we do not take this decision lightly… We have appealed Nasdaq’s suspension and are scheduled to meet with their hearings panel on August 14, 2025. But based on our discussions and the realities of the market, we believe relisting is contingent on conducting a reverse stock split… Finally, this proposal will have an equal impact on our employees, management and directors. The reverse stock split, per our plan documents, will be consistently applied to all common equity, including option holdings, option exercise prices and share holdings, as well as the pool of shares available for future grants. We believe this aligns managements interest in share price appreciation with your interests.”