The primary purpose of the reverse stock split is to enable Immune to regain compliance with the
In the reverse stock split, every twenty shares of Immune’s common stock outstanding will automatically be changed and reclassified into one new share of common stock without any action on the part of the holders. No fractional shares will be issued in connection with the reverse stock split. Any fractional share of common stock that would otherwise have resulted from the reverse stock split will be rounded up to the nearest whole share. As a result of the reverse stock split, the number of shares of Immune’s common stock outstanding will decrease from approximately 194.3 million shares pre-split to approximately 9.7 million shares post-split.
The reverse stock split will affect all Immune stockholders uniformly and will not affect any stockholder’s percentage ownership interests in Immune (except to the extent that the reverse stock split results in any stockholders owning only a fractional share). Additionally, all Immune convertible notes, convertible preferred stock, stock options, other equity awards and warrants outstanding immediately prior to the reverse stock split will be proportionately adjusted.
Immune’s transfer agent,
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