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SOUTH SAN FRANCISCO - Vaxart, Inc. (NASDAQ:VXRT), a clinical-stage biotechnology company with a market capitalization of $102.6 million, has issued a call to its shareholders to approve a reverse stock split proposal aimed at regaining compliance with Nasdaq’s minimum bid price rule. The company’s stock, currently trading at $0.45, has declined 32% year-to-date. Stockholders of record as of March 26, 2025, are encouraged to cast their votes by 11:59 p.m. Eastern Time on June 1, 2025.
The company’s Chief Scientific Officer, Dr. Sean Tucker, released a video update on Vaxart’s investor relations website, advocating for stockholder support of Proposal No. 2, which would authorize the Board of Directors to execute a reverse stock split if necessary. This corporate action is considered crucial for the company to meet Nasdaq’s listing requirements. According to InvestingPro analysis, while Vaxart holds more cash than debt on its balance sheet, the company is quickly burning through its cash reserves.
In addition to the video, Vaxart has provided a fact sheet to address common misconceptions about the reverse stock split. The document is intended to furnish stockholders with clear and accurate information to inform their voting decisions.
Vaxart specializes in developing oral recombinant vaccines using its proprietary delivery platform. Their vaccines, which come in pill form, are designed to be easy to store and ship without refrigeration and to eliminate needle-stick injury risks. The company’s product pipeline includes vaccines for coronavirus, norovirus, influenza, and a therapeutic vaccine for HPV, which is their first foray into immune-oncology. InvestingPro data reveals that despite significant revenue growth of 433% in the last twelve months, analysts anticipate a sales decline in the current year. Get access to 7 more exclusive ProTips and comprehensive analysis through InvestingPro’s detailed research reports.
The press release includes forward-looking statements regarding Vaxart’s business operations, financial performance, and efforts to comply with Nasdaq’s listing standards. These statements carry risks and uncertainties, and there is no guarantee that the company’s expectations will be achieved.
Shareholders who have previously voted against the proposal have been reminded that they have the option to change their vote. With the company’s current ratio at 0.64 and short-term obligations exceeding liquid assets, Vaxart has enlisted the services of proxy solicitation firm Campaign Management, LLC, to assist shareholders with the voting process.
The information for this article is based on a press release statement issued by Vaxart, Inc.
In other recent news, Vaxart, Inc. has announced its plan for a reverse stock split to maintain its Nasdaq listing, urging stockholders to vote in favor of this proposal at the upcoming Annual Meeting. The company has also received approval from BARDA to expand its Phase 2b trial for an oral COVID-19 vaccine, now set to include 10,000 participants. This trial is part of a $5 billion initiative funded by Project NextGen to accelerate innovative COVID-19 vaccines and treatments. Additionally, Vaxart has completed enrollment for its Phase 1 trial of a second-generation oral norovirus vaccine, with topline data expected in mid-2025. In leadership updates, Vaxart appointed Jeroen Grasman as its new Chief Financial Officer, succeeding Phillip Lee. Grasman brings extensive experience from his previous roles in the biotech industry. The company has also lifted a government stop work order, allowing the continuation of its COVID-19 vaccine candidate trial. These developments come amid strategic cost reductions aimed at extending Vaxart’s cash runway into 2026.
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