Full Press Release Details
IBIO, INC. ANNOUNCES REVERSE STOCK SPLIT
NEW YORK, NEW YORK, MAY 31, 2018 -
IBIO, INC. (NYSE AMERICAN: IBIO) ("IBIO" OR THE "COMPANY") announced today a reverse split of its Common
Stock, par value $0.001 per share (the "Common Stock"), at a ratio of 1 for 10, effective on June 8, 2018 (the "Effective
Date"). The Company's common stock will begin trading on a split-adjusted basis when the market opens on June 11, 2018.
The reverse stock split was authorized by the Company's stockholders at a special meeting of stockholders held on April 23,
2018 and the ratio and Effective Date were approved by the Company's Board of Directors on May 23, 2018. The Company will
file a certificate of amendment to its amended and restated certificate of incorporation with the Secretary of the State of Delaware
to effect the reverse stock split. The Company's common stock will continue to trade on the New York Stock Exchange under
the trading symbol "IBIO" but will trade under the new CUSIP number 451033 203. As a result of the reverse split, each
ten pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action
on the part of the holders, and the number of outstanding common shares will be reduced from 115,918,510 shares to 11,591,851 shares.
The Company's transfer agent, Continental
Stock Transfer & Trust Company, which is also acting as the exchange agent for the reverse split, will send instructions to
stockholders of record who hold stock certificates regarding the exchange of their old certificates for new certificates, should
they wish to do so. Stockholders who hold their shares in brokerage accounts or "street name" are not required to take
any action to effect the exchange of their shares.
in developing plant-based biopharmaceuticals, provides a range of product and process development, analytical, and manufacturing
services at the large-scale development and manufacturing facility of its subsidiary iBio CDMO, LLC in Bryan, Texas. The
facility houses laboratory and pilot-scale operations, as well as large-scale automated hydroponic systems capable of growing over
four million plants as "in process inventory" and delivering over 300 kilograms of therapeutic protein pharmaceutical
active ingredient per year.
technology for the benefit of its clients and the advancement of its own product interests. The Company's pipeline is comprised
of proprietary candidates for the treatment of a range of fibrotic diseases including idiopathic pulmonary fibrosis, systemic sclerosis,
and scleroderma. IBIO-CFB03, based on the Company's proprietary gene expression technology, is the Company's lead therapeutic
candidate being advanced for IND development.
Further information is available at: www.ibioinc.com
Cautionary Statement Regarding Forward
This release may contain "forward-looking
statements" that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are identified by certain words or phrases such as "may", "will", "aim", "will likely
result", "believe", "expect", "will continue", "anticipate", "estimate",
"intend", "plan", "contemplate", "seek to", "future", "objective",
"goal", "project", "should", "will pursue" and similar expressions or variations of such
expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance.
These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject
to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement
made by the Company. Please refer to the preliminary prospectus supplement, the accompanying prospectus, and the Company's
most recent Forms 10-Q and 10-K and subsequent filings with the SEC for a further discussion of these risks and uncertainties.
The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances
after the date of this release.
Stephanie Carrington
Tel. +1 646-277-1282