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Virax Biolabs Group Limited Announces 1-for-10 Share Consolidation
LONDON, Dec. 14, 2023 /PRNewswire/ -- Virax Biolabs Group Limited (NASDAQ: VRAX) ("Virax" or the "Company"), an innovative diagnostics company focused on the
About this update from Virax Biolabs Group Limited
[{"type":"text","content":"LONDON, Dec. 14, 2023 /PRNewswire/ -- Virax Biolabs Group Limited (NASDAQ: VRAX) (\"Virax\" or the \"Company\"), an innovative diagnostics company focused on the detection of immune responses and diagnosis of viral diseases, today announced that the annual general meetings of the shareholders held on Wednesday, December 6, 2023, at BioCity Glasgow, Bo'Ness Road, Newhouse, Lanarkshire, ML1 5UH, approved the proposed 1-for-10 share consolidation of its ordinary shares of US$0.0001 par value each (the \"Share Consolidation\"). \n\n \n \n \n \n \n \n\n \nBeginning with the opening of trading on December 18, 2023, the Company's ordinary shares will begin trading on a post-Share Consolidation basis on the Nasdaq Capital Market under the same symbol \"VRAX\", but under a new CUSIP number of G9495L125. The objective of the Share Consolidation is to enable the Company to regain compliance with Nasdaq Marketplace Rule 5550(a)(2) and maintain its listing on the Nasdaq Capital Market.\nUpon the effectiveness of the Share Consolidation, every ten issued and outstanding ordinary shares of a par value of US$0.0001 each will automatically be consolidated into one issued and outstanding ordinary share of a par value of US$0.001 each. No fractional shares will be issued as a result of the Share Consolidation. Instead, any fractional shares that would have resulted from the Share Consolidation will be rounded up to the next whole number. The Share Consolidation affects all shareholders uniformly and will not alter any shareholder's percentage interest in the Company's outstanding ordinary shares, except for adjustments that may result from the treatment of fractional shares. The Share Consolidation was approved by the Company's board of directors on November 3, 2023, and its shareholders on December 6, 2023. The Company has filed a third Amended and Restated Memorandum and Articles of Association with the Cayman Islands Registrar of Companies.\nAbout Virax Biolabs Group Limited.\nFounded in 2013, Virax Biolabs Group Limited is an innovative biotech company focused on the detection of immune responses to and diagnosis of viral diseases. In addition to distributing an array of in-vitro diagnostic test kits, Virax Biolabs Group Limited is currently developing a proprietary T-Cell Test technology with the intention of providing an immunology profiling...