SplitMay 22, 2026, 04:28 PM
Virax Biolabs to Vote on 10-30 for 1 Reverse Stock Split
AI Summary
Virax Biolabs Group Ltd. announced an Extraordinary General Meeting (EGM) on June 5, 2026, for shareholders to vote on a proposed share consolidation. The consolidation, at a ratio between 10-for-1 and 30-for-1, aims to help the company regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share by the July 11, 2026 deadline, thereby preventing delisting. Shareholders will also consider adopting an amended memorandum and articles of association and an adjournment proposal, all of which the Board unanimously recommends approving.
Key Highlights
- Extraordinary General Meeting scheduled for June 5, 2026.
- Shareholders to vote on a share consolidation (reverse stock split) at a ratio of 10-for-1 to 30-for-1.
- Purpose is to regain compliance with Nasdaq's $1.00 minimum bid price rule.
- Nasdaq compliance deadline is July 11, 2026, to avoid delisting.
- Proposal to adopt fourth amended and restated memorandum and articles of association.
- Board of Directors unanimously recommends voting "FOR" all proposals.
- Record date for voting is May 18, 2026.
Price Impact
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