Organovo Announces Reverse Stock Split

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[{"type":"text","content":"SAN DIEGO, March 19, 2025 (GLOBE NEWSWIRE) -- Organovo Holdings, Inc. (Nasdaq: ONVO), a clinical stage biotechnology company focused on developing novel treatment approaches in inflammatory bowel disease (IBD), today announced that it will effect a 1-for-12 reverse stock split of its issued and outstanding common stock that will become effective at 5:00 p.m. Eastern Time on Thursday, March 20, 2025. Organovo’s common stock will commence trading on a reverse stock split-adjusted basis at the opening of the market on Friday, March 21, 2025. Following the reverse stock split, Organovo’s common stock will continue to trade on the Nasdaq Capital Market under the symbol “ONVO” with a new CUSIP number of 68620A302. At the effective time of the reverse stock split, every twelve (12) shares of Organovo’s issued and outstanding common stock will be automatically converted into one (1) issued and outstanding share of common stock without any change in the par value of $0.001 per share. This will reduce the number of issued and outstanding shares of common stock from approximately 21.4 million to approximately 1.8 million. The reverse stock split will not change the authorized number of shares of Organovo’s common stock. No fractional shares will be issued in connection with the reverse stock split, and stockholders that would otherwise be entitled to a fractional share will instead receive a cash payment in lieu thereof equal to such fraction multiplied by the closing sales price of Organovo’s common stock as reported on the Nasdaq Capital Market on March 19, 2025. Furthermore, the number of shares of common stock available for issuance under Organovo’s equity incentive plans will be proportionately adjusted for the reverse stock split ratio, such that fewer shares will be subject to such plans. At Organovo’s annual meeting of stockholders held on November 20, 2024, Organovo’s stockholders approved the reverse stock split and gave Organovo’s board of directors’ discretionary authority to select a ratio for the reverse stock split ranging from 1-for-5 shares to 1-for-20 shares. Organovo’s board of directors approved the reverse stock split at a ratio of 1-for-12 on March 6, 2025. The reverse stock split is intended for Organovo to regain compliance with the minimum bid price requirement of $1.00 per share of common stock for continued listi...

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