GenVec effects 1-for-10 reverse stock split
GenVec's previously declared one-for-ten reverse stock split of its outstanding shares of common stock became effective today prior to the opening of trading on the NASDAQ Capital Market. The Reverse Stock Split is intended to enable GenVec to regain compliance with the $1.00 minimum bid price required for continued listing on NASDAQ Capital Market. The Reverse Stock Split is effective with respect to shareholders of record at the close of business on November 30 and trading of the company's common stock on the NASDAQ Capital Market will begin on a split-adjusted basis at the opening of trading on December 1. As a result of the Reverse Stock Split, the total number of common stock outstanding were reduced from approximately 22.73 million shares to approximately 2.27 million shares. Stockholders will receive cash in lieu of any fraction of a share that stockholders would otherwise be entitled to receive as a result of the Reverse Stock Split.