Vincerx Pharma announces a 1-for-20 reverse stock split effective January 27, 2025, reducing shares from 44.8 million to 2.2 million.
Quiver AI Summary
Vincerx Pharma, Inc. announced a 1-for-20 reverse stock split of its common shares, set to take effect on January 27, 2025. This decision, approved by stockholders on January 16, 2025, will reduce the number of issued shares from approximately 44.8 million to about 2.2 million. Trading under the existing Nasdaq symbol (VINC) will continue on a split-adjusted basis starting January 28, 2025, with no fractional shares issued, as those will be converted into cash payments. The reverse stock split is part of Vincerx's strategy to advance its mission of developing innovative cancer therapies. The company’s pipeline includes several clinical-stage products. Additional details regarding the split can be found in Vincerx's proxy statement filed with the SEC.
Potential Positives
- The board approved a 1-for-20 reverse stock split, which can increase the per-share price of Vincerx Pharma stock, potentially making it more appealing to institutional investors.
- The reverse stock split was supported by stockholders at a special meeting, indicating shareholder confidence in the company's strategy.
- The company's common stock will continue to trade on Nasdaq under the same symbol (VINC), ensuring stability for investors.
- The reduction in the number of shares from approximately 44.8 million to 2.2 million may enhance the overall value of the remaining shares, signaling potential for future growth.
Potential Negatives
- The approval of a 1-for-20 reverse stock split may signal financial distress or lack of investor confidence, as such moves are typically associated with companies whose stock prices have fallen significantly.
- The reduction of shares from approximately 44.8 million to 2.2 million may lead to increased volatility in the stock price after the split, which can be concerning for investors.
- The press release includes numerous disclaimers about forward-looking statements and risks, indicating uncertainty about the company's future performance and stock price impact, which may discourage potential investors.
FAQ
What is the date of the Vincerx Pharma reverse stock split?
The reverse stock split of Vincerx Pharma will be effective January 27, 2025, at 4:01 p.m. Eastern Time.
What is the ratio of the reverse stock split for Vincerx Pharma?
The board approved a 1-for-20 reverse stock split, meaning every 20 shares will combine into 1 share.
How will the reverse stock split affect existing stockholders?
Stockholders will have their shares automatically adjusted and will receive cash for any fractional shares.
Will Vincerx Pharma's stock continue to trade under the same symbol?
Yes, Vincerx's common stock will continue to trade on Nasdaq under the symbol VINC after the split.
Who is handling the exchange process for the reverse stock split?
Continental Stock Transfer & Trust Company is acting as the exchange agent for the reverse stock split.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$VINC Hedge Fund Activity
We have seen 12 institutional investors add shares of $VINC stock to their portfolio, and 10 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ARMISTICE CAPITAL, LLC added 716,000 shares (+36.0%) to their portfolio in Q3 2024, for an estimated $512,656
- PROSIGHT MANAGEMENT, LP removed 281,913 shares (-11.3%) from their portfolio in Q3 2024, for an estimated $201,849
- CITADEL ADVISORS LLC removed 178,240 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $127,619
- RENAISSANCE TECHNOLOGIES LLC removed 64,121 shares (-49.3%) from their portfolio in Q3 2024, for an estimated $45,910
- EXODUSPOINT CAPITAL MANAGEMENT, LP added 64,067 shares (+13.4%) to their portfolio in Q3 2024, for an estimated $45,871
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 31,980 shares (+inf%) to their portfolio in Q3 2024, for an estimated $22,897
- MARSHALL WACE, LLP added 25,029 shares (+7.6%) to their portfolio in Q3 2024, for an estimated $17,920
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SAN MATEO, Calif., Jan. 23, 2025 (GLOBE NEWSWIRE) -- Vincerx Pharma, Inc. (Nasdaq: VINC), a biopharmaceutical company aspiring to address the unmet medical needs of patients with cancer through paradigm-shifting therapeutics, today announced that its board of directors approved a 1-for-20 reverse stock split of its issued shares of common stock, which will be effective as of January 27, 2025 at 4:01 p.m., Eastern Time. Vincerx’s common stock will continue trading on The Nasdaq Stock Market (“Nasdaq”) under the existing symbol (VINC) and will begin trading on a split-adjusted basis when the market opens on January 28, 2025 with a new CUSIP number. The reverse stock split was approved by Vincerx’s stockholders at a special meeting of stockholders held on January 16, 2025.
As of the effective time of the reverse stock split, every twenty (20) issued shares of Vincerx’s common stock will be combined, reclassified and converted into one (1) issued share of Vincerx’s common stock. This will reduce the number of shares issued from approximately 44.8 million shares to approximately 2.2 million shares, subject to adjustment for fractional shares. No fractional shares will be issued as a result of the reverse stock split. Stockholders who would otherwise be entitled to a fractional share of common stock are instead entitled to (and with respect to holders that have certificated shares, upon surrender to the exchange agent of certificates representing such shares) a cash payment in lieu thereof at a price equal to the stockholder’s proportionate interest in the proceeds, net of certain costs associated with such sale, from the aggregation and sale of the fractional shares by our transfer agent. Proportionate adjustments will be made to the number of shares of common stock underlying Vincerx’s outstanding equity awards, warrants, the number of shares issuable under its equity incentive plans and stock option plans, and other existing agreements, as well as the exercise or conversion price, as applicable. The reverse stock split will not affect the par value of the common stock.
Continental Stock Transfer & Trust Company is acting as the exchange agent for the reverse stock split. Registered stockholders holding pre-split shares of Vincerx’s common stock in book entry form or via a broker, bank, trust or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to such broker’s particular processes, and will not be required to take any action in connection with the reverse stock split. Stockholders holding shares of Vincerx’s common stock in certificate form will receive a transmittal letter from Continental Stock Transfer & Trust Company with instructions after the effective date.
Additional information about the reverse stock split can be found in Vincerx’s definitive proxy statement filed with the Securities and Exchange Commission on December 10, 2024.
About Vincerx Pharma, Inc.
Vincerx Pharma, Inc. is a clinical-stage biopharmaceutical company committed to developing differentiated and novel therapies to address the unmet medical needs of patients with cancer. Vincerx’s pipeline consists of a next-generation ADC, VIP943, currently in Phase 1; a small molecule drug conjugate, VIP236, which has completed its Phase 1 study; a CDK9 inhibitor, enitociclib, which has completed a Phase 1 monotherapy study; a preclinical ADC, VIP924; and VersAptx ™ , a versatile, next-generation bioconjugation platform.
Vincerx is based in San Mateo, California, and has a research facility in Monheim, Germany.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Vincerx Pharma, Inc. (the “Company”). Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions that are not historical fact and, as a result, are subject to risks and uncertainties. Forward-looking statements include but are not limited to: the Company’s implementation and effectiveness of the reverse stock split, including the timing thereof; and the Company’s beliefs regarding the potential impact of a reverse stock split, including its potential effect on the Company’s stock price and Nasdaq listing. Risks and uncertainties that may cause actual results to differ include: factors generally affecting the business, operations, and financial condition of the Company; the actual effect of any reverse stock split on the Company’s stock price; and the factors, risks, and uncertainties described in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2024 filed with the Securities and Exchange Commission (the “SEC”), in addition to the Company’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Vincerx, the Vincerx logo, and VersAptx are trademarks of Vincerx.
Contacts:
Gabriela Jairala
Vincerx Pharma, Inc.
[email protected]
Totyana Simien
Inizio Evoke Comms
[email protected]