DURHAM, N.C., Jan. 18, 2018 (GLOBE NEWSWIRE) -- Argos Therapeutics Inc. (NASDAQ:ARGS), an immuno-oncology company focused on the development and commercialization of individualized immunotherapies based on the Arcelis® precision immunotherapy technology platform, today announced that its Board of Directors approved a one-for-twenty reverse split of the Company's common stock that will take effect today, January 18, 2018 after the close of trading.
The reverse stock split will affect all holders of common stock 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 of common stock will be granted in connection with the reverse stock split; stockholders who would otherwise be entitled to a fractional share of common stock will be entitled to receive a proportional cash payment. The reverse stock split will not change the par value of the common stock or the authorized number of shares of common stock of Argos.
Argos will effect the reverse stock split by filing an amendment to its certificate of incorporation reflecting the approved split ratio, and the Company anticipates that shares of Argos' common stock will begin trading on The Nasdaq Capital Market on a split-adjusted basis when the market opens on January 19, 2018 under a new CUSIP number, 040221 202.
Argos' transfer agent, Computershare, will instruct certificate shareholders on the exchange process once the reverse stock split takes effect. Shareholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the reverse stock split. Beneficial holders are encouraged to contact their bank, broker or custodian with any procedural questions.
The Company also announced that, on January 17, 2018, it received a determination from the NASDAQ Listing Qualifications Panel (the "Panel") indicating that the Panel has granted the Company's request to transfer its listing from The Nasdaq Global Market to The Nasdaq Capital Market, and to continue the Company's listing on that market, provided that on or before February 2, 2018 the Company has demonstrated a closing bid price of $1.00 or more for a minimum of ten prior consecutive trading days and that on or before April 24, 2018 the Company has satisfied the $2.5 million stockholders' equity requirement for continued listing on The Nasdaq Capital Market and demonstrated to the Panel that it can sustain compliance with such stockholders' equity requirement through the end of fiscal 2018, among other actions, and provided further that the Company otherwise continues to meet the continued listing requirements of The Nasdaq Capital Market. The Company's common stock will begin trading on The Nasdaq Capital Market effective with the open of business on Friday, January 19, 2018. The Company's common stock will continue to trade under the symbol ARGS.
The determination follows the Company's hearing before the Panel, at which the Panel considered the Company's plan to evidence compliance with various requirements for continued listing on The NASDAQ Capital Market.
About Argos Therapeutics
Argos Therapeutics is an immuno-oncology company focused on the development and commercialization of individualized immunotherapies for the treatment of cancer and infectious diseases using its Arcelis® technology platform. Argos' most advanced product candidate, Rocapuldencel-T, is being evaluated in the pivotal ADAPT Phase 3 clinical trial for the treatment of metastatic renal cell carcinoma (mRCC). Argos is also developing a separate Arcelis®-based product candidate, AGS-004, for the treatment of human immunodeficiency virus (HIV), which is currently being evaluated in combination with vorinostat, a latency-reversing drug, in an investigator-initiated Phase 2 clinical trial aimed at HIV eradication in adult patients. Funding for the development of AGS-004 has been provided by the National Institutes of Health, the National Institute of Allergy and Infectious Diseases, and the Collaboratory of Research for AIDS Eradication.
Forward Looking Statements
Any statements in this press release about Argos' future expectations, plans and prospects, including statements about Argos' ability to maintain its listing on The Nasdaq Capital Market and other statements containing the words "believes," "anticipates," "estimates," "expects," "intends," "plans," "predicts," "projects," "targets," "may," "potential," "will," "would," "could," "should," "continue," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including whether Argos will be able to satisfy the conditions of the Panel when required or at all; and other factors discussed in the "Risk Factors" section of Argos' Form 10-Q for the quarter ended September 30, 2017, which is on file with the SEC, and in other filings Argos makes with the SEC from time to time.
In addition, the forward-looking statements included in this press release represent Argos' views as of the date hereof. Argos anticipates that subsequent events and developments will cause Argos' views to change. However, while Argos may elect to update these forward-looking statements at some point in the future, Argos specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Argos' views as of any date subsequent to the date hereof.
Richard Katz, MD, MBA
Chief Financial Officer
Argos Therapeutics, Inc.
Berry & Company Public Relations