Immune Therapeutics FINRA Approval for 1:1000 Reverse Stock Split
Immune Therapeutics Inc. (OTC-PINK: IMUN) has announced the completion of a 1-for-1,000 reverse stock split, processed by FINRA, effective May 6, 2021. This action combines every 1,000 pre-split shares into one share, with no fractional shares issued. The reverse split, approved by shareholders in October 2019, aims to adjust the capital structure and potentially enhance the stock's marketability. A 'D' will be added to the stock symbol for 20 business days post-split. The company emphasizes that future performance predictions are subject to various risks and uncertainties.
- Completion of reverse stock split may improve stock market performance.
- Stock trading on OTC-PINK commenced on a split-adjusted basis.
- Reverse stock split may indicate previous stock underperformance.
- No assurance of future performance despite completion of corporate actions.
Orlando, Florida , May 11, 2021 (GLOBE NEWSWIRE) -- Immune Therapeutics Inc. (OTC-PINK: IMUN) (the "Company") announced today that FINRA has processed a reverse split of 1-for 1,000 of the issued and outstanding stock. The reverse stock split was completed with the state of Florida on March 12, 2020. FINRA’s processing was the last step necessary to fully effectuate the reverse split approved by shareholders in October of 2019.
The Company's common stock began trading on a split-adjusted basis on the Over-the-Counter Exchange (OTC-PINK) at market open on May 6, 2021. Please note that a “D” will be appended as the 5th character for a period of 20 business days from the effective date.
As a result of the reverse stock split, each 1,000 pre-split shares of common stock outstanding will automatically be combined into one issued and outstanding share of common stock. No fractional shares of common stock will be issued as a result of any reverse stock split, fractional shares will be rounded up to whole shares.
This news release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about the reverse stock split, authorized shares reduction and the related timing of implementation and effects thereof. Forward-looking statements are statements other than statements of historical fact. These forward-looking statements are generally identified by the words "believe," "expect," "anticipate," "estimate," "intend," "plan," "may," "should," "could," "will," "would," and "will be," and variations of such words and similar expressions, although not all forward-looking statements contain these identifying words. Although we believe the expectations and forecasts reflected in the forward-looking statements are reasonable, we can give no assurance they will prove to have been correct. They can be affected by inaccurate or changed assumptions or by known or unknown risks and uncertainties.
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