On November 8, 2022 OncoSec Medical Incorporated (NASDAQ: ONCS) (the "Company" or "OncoSec"), a clinical-stage biotechnology company focused on developing intratumoral immunotherapies to stimulate the patient’s own immune system to target and eradicate cancer, reported it intends to effect a 1-for-22 reverse split of its issued and outstanding common stock (Press release, OncoSec Medical, NOV 8, 2022, View Source [SID1234623389]). The reverse stock split will become effective on November 9, 2022 (the "Effective Date"), and the Company’s common stock is expected to begin trading on a split-adjusted basis when the market opens November 9, 2022.
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The reverse stock split is primarily intended to bring the Company into compliance with the minimum bid price requirements for maintaining its listing on the Nasdaq Capital Market.
The Company’s Board of Directors approved the reverse stock split and the Company filed the Certificate of Change with the State of Nevada with the effective date of November 9, 2022. Approval of the reverse stock split by the Company’s stockholders was not required.
The Company’s common stock will continue to trade on Nasdaq Capital Markets under the symbol "ONCS". The new CUSIP for the common stock following the reverse stock split will be 68234L 405.
The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. No fractional shares will be issued in connection with the reverse stock split. Stockholders who otherwise would be entitled to receive a fractional share will instead be entitled to receive the number of shares after rounding up to the next whole shares. Holders of the Company’s common stock held in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the reverse stock split. Stockholders of record will be receiving information from the Company’s transfer agent regarding their common stock ownership post- reverse stock split.