- Navidea Biopharmaceuticals, Inc. (OTC: NAVB) extends the authority to implement a reverse stock split until July 8, 2027.
- The reverse stock split ratio could be up to 1-for-50,000, as previously approved by shareholders.
- The extension aims to simplify capital structure and manage public reporting obligations.
Navidea Biopharmaceuticals, Inc. (OTC: NAVB), a company specializing in precision immunodiagnostic agents and immunotherapeutics, has announced an extension of its authority to implement a reverse stock split of up to 1-for-50,000 shares. Initially authorized on July 8, 2024, the deadline has been extended by two years to July 8, 2027, following approval from the Board of Directors and a majority of shareholders.
The reverse stock split is designed to simplify Navidea's capitalization table and manage the number of record holders, allowing the company to circumvent ongoing public reporting requirements by the Securities and Exchange Commission (SEC), thus reducing compliance costs. The decision regarding the timing and exact ratio of the reverse stock split remains at the discretion of the Board.
"The rationale behind considering a reverse stock split is multifaceted," stated Craig A. Dais, Chief Financial Officer of Navidea. "As we continue to evaluate strategic partnerships and other funding opportunities to advance our pharmaceutical development objectives, it is essential to simplify the Company’s capitalization table."
Navidea remains focused on enhancing patient care through its Manocept platform, targeting CD206 mannose receptors to improve diagnostic accuracy and therapeutic outcomes. The company continues to explore market and partnership opportunities to enhance growth and shareholder returns.
