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Instil Bio Announces Effective Date of 1-for-20 Reverse Stock Split
DALLAS, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Instil Bio, Inc. (“Instil” or the “Company”) (NASDAQ: TIL), a clinical-stage biopharmaceutical company focused on
About this update from Instil Bio, Inc.
[{"type":"text","content":"DALLAS, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Instil Bio, Inc. (“Instil” or the “Company”) (NASDAQ: TIL), a clinical-stage biopharmaceutical company focused on developing tumor infiltrating lymphocyte, or TIL, therapies for the treatment of patients with cancer, today announced that a 1-for-20 reverse stock split of its outstanding shares of common stock will be effective as of 5:00 p.m. Eastern Time on Thursday, December 7, 2023. The Company’s common stock will begin trading on a reverse stock split-adjusted basis at the opening of the market on December 8, 2023. Following the reverse stock split, the Company’s common stock will continue to trade on the Nasdaq Capital Market under the symbol “TIL” with the new CUSIP number, 45783C200. The reverse stock split is part of the Company’s plan to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market. At the effective time of the reverse split, every 20 issued and outstanding shares of the Company’s common stock will automatically be combined into one issued and outstanding share of the Company’s common stock without any change in the par value per share. Fractional shares will not be issued in connection with the reverse stock split. Stockholders who would otherwise be entitled to receive a fractional share will be entitled to receive a cash payment. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s relative interest in the Company’s equity securities, except for any adjustments for fractional shares. The reverse stock split will not reduce the number of authorized shares of the Company’s common stock, which will remain at 300,000,000 shares. In addition, proportionate adjustments will be made to the number of shares underlying, and the exercise or conversion prices of, the Company’s outstanding stock options, and to the number of shares of common stock issuable under the Company’s equity incentive plans. The reverse stock split will reduce the number of issued and outstanding shares of the Company’s common stock from approximately 130.1 million to approximately 6.5 million. About Instil Bio Instil Bio, Inc. (Nasdaq: TIL) is a clinical-stage biopharmaceutical company focused on developing TIL therapies for the treatment of patients with cancer. Instil has assembled an accomplished mana...