Agenus Announces Reverse Stock Split of Common Stock
April 05 2024 - 4:30PM
Business Wire
Agenus Inc. (Nasdaq: AGEN), a leader in discovering and
developing novel immunological agents to treat various cancers,
today announced its stockholders have approved a one-for-twenty
reverse stock split of its issued and outstanding common stock,
which will go into effect at 12:01 a.m., Eastern Time on April 12,
2024. The reverse stock split is intended to give Agenus greater
flexibility in its future financing needs and to increase the per
share trading price of Agenus’ common stock to satisfy the minimum
price requirement for continued listing on the Nasdaq Capital
Markets and to qualify for inclusion in the Russell Indices. Agenus
expects that upon the opening of trading on April 12, 2024, its
common stock will trade on the Nasdaq Capital Market on a
split-adjusted basis under the current trading symbol “AGEN” and
the new CUSIP number 00847G 804.
The reverse stock split affects all issued and outstanding
shares of Agenus’ common stock. The par value of the Agenus’ common
stock will remain unchanged at $0.01 per share after the reverse
stock split. The reverse stock split affects all stockholders
uniformly and will not alter any stockholder’s percentage interest
in Agenus’ equity, except to the extent that the reverse stock
split results in some stockholders receiving cash in lieu of any
fractional shares as described below.
No fractional shares will be issued in connection with the
reverse split. Stockholders who would otherwise be entitled to
receive a fractional share will instead receive a cash payment in
lieu of such fractional shares equal to the fair market value of
such fractional shares, as determined in good faith by Agenus’
Board of Directors.
Equiniti Trust Company, LLC (“Equiniti”) is acting as the
exchange agent and transfer agent for the reverse stock split.
Stockholders holding their shares electronically in book-entry form
are not required to take any action to receive post-split shares.
Equiniti will provide instructions to stockholders with physical
certificates regarding the process for exchanging their pre-split
stock certificates for book entry of the appropriate number of
post-split shares and receiving payment for any fractional shares.
Stockholders owning shares through a bank, broker or other nominee
will have their positions adjusted to reflect the reverse stock
split and will receive payment for any fractional shares in
accordance with their respective bank’s, broker’s, or nominee’s
particular processes. Additional information regarding the reverse
stock split can be found in Agenus’ definitive proxy statement
filed with the Securities and Exchange Commission on February 26,
2024 and the amendment thereto filed with the Securities and
Exchange Commission on February 29, 2024.
About Agenus
Agenus is a leading immuno-oncology company targeting cancer and
infectious diseases with a comprehensive pipeline of immunological
agents. The company’s mission is to expand patient populations
benefiting from cancer immunotherapy through combination
approaches, using a broad repertoire of antibody therapeutics,
adoptive cell therapies (through MiNK Therapeutics) and adjuvants
(through SaponiQx). Agenus is headquartered in Lexington, MA. For
more information, visit www.agenusbio.com or @agenus_bio.
Information that may be important to investors will be routinely
posted on our website and social media channels.
Forward-Looking
Statements
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the federal
securities laws, including statements regarding a its botensilimab
and balstilimab programs, expected regulatory timelines and
filings, and any other statements containing the words “may,”
“believes,” “expects,” “anticipates,” “hopes,” “intends,” “plans,”
“forecasts,” “estimates,” “will,” “establish,” “potential,”
“superiority,” “best in class,” and similar expressions are
intended to identify forward-looking statements. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially. These risks
and uncertainties include, among others, the factors described
under the Risk Factors section of our most recent Annual Report on
Form 10-K filed with the Securities and Exchange Commission and
available on our website at www.agenusbio.com. Agenus cautions
investors not to place considerable reliance on the forward-looking
statements contained in this release. These statements speak only
as of the date of this press release, and Agenus undertakes no
obligation to update or revise the statements, other than to the
extent required by law. All forward-looking statements are
expressly qualified in their entirety by this cautionary
statement.
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Questions for Equiniti, the Exchange
Agent for the Reverse Stock Split 800-937-5449
helpAST@equiniti.com Investors
917-362-1370 investor@agenusbio.com Media 917-362-1370
communications@agenusbio.com
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