On behalf of OncoSec, I want to thank our shareholders for their ongoing support of our mission to develop novel intratumoral immunotherapies to treat cancer. To date, the company has never been stronger in terms of our ImmunoPulse™ technology, advanced clinical pipeline, and collaborations with academic and industry institutions.
To reflect our leadership position in the immuno-oncology field, our Board of Directors has approved a 1-for-20 reverse stock split to achieve one of our corporate goals for 2015: uplisting to the NASDAQ Capital Market. By executing a reverse stock split, we aim to fulfill the necessary quantitative requirements to become a NASDAQ-listed company.
If we are successful in becoming a NASDAQ-listed company, we intend to expand our shareholder base to long-term institutional and retail investors who are dedicated to OncoSec’s vision. Investors who are prohibited from investing in OTC companies with a share price below a certain threshold will now be able to become a part of OncoSec’s story. By listing our common stock on a national securities exchange, we believe we will be able to increase the stability of our stock and achieve fundamental growth.
We hope to achieve the following goals with our decision:
It’s important to understand that companies may execute a reverse stock split for several different reasons. Many companies perform a reverse split to avoid delisting, or losing their status on a national securities exchange. Conversely, we are executing a reverse stock split with the intention of uplisting to a national securities exchange and supporting an upward trajectory for the company.
In the past year, OncoSec has aligned our clinical pipeline with what we see as a great unmet medical need in oncology: converting anti-PD-1 non-responders to responders. Additionally, we have expanded our immuno-oncology pipeline to reflect a broad range of tumor indications, increased our R&D capabilities, and collaborated with several prominent medical centers and industry leaders. Based on this success, we believe now is the appropriate time to execute a reverse stock split, which we hope will allow us to elevate the company’s listing status and generate more value for our shareholders.
As always, we aim to continue to advance our technologies with the goal of one day benefiting cancer patients everywhere. We look forward to keeping our shareholders informed following our reverse stock split and proposed uplisting. Thank you again for your continued confidence in our team.
Punit Dhillon, CEO | President
This discussion contains forward-looking statements, which involve risks and uncertainties. For more information about forward-looking statements and their associated risks, please see our press release announcing the reverse stock split and our filings with the Securities and Exchange Commission.