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Navidea Biopharmaceuticals Announces Reverse Stock Split

Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) ("Navideaa?? or the
"Companya??), a company focused on the development of precision
immunodiagnostic agents and immunotherapeutics, today announced that its
Board of Directors has approved a one-for-twenty reverse stock split of
its issued and outstanding shares of common stock. The reverse split
will be effective at 12:01 a.m. (EDT) on April 26, 2019, and shares of
the Companya??s common stock will begin trading on a split-adjusted basis
when the NYSE American market opens on that date.


The Company's common stock will continue to trade on the NYSE American
under the trading symbol "NAVB," but will trade under the following new
CUSIP number starting April 26, 2019: 63937X202. As a result of the
reverse split, each twenty pre-split shares of common stock outstanding
will automatically combine into one new share of common stock without
any action on the part of the stockholder. The number of outstanding
common shares will be reduced from approximately 201.0 million to
approximately 10.1 million shares. The authorized number of shares of
common stock will not be reduced and will remain at 300.0 million. As
previously disclosed, at the Companya??s Annual Meeting of Stockholders
held on August 16, 2018, the Companya??s stockholders approved a proposal
authorizing the Companya??s Board of Directors to effect a reverse stock
split by a ratio of not less than one-for-five and not more than
one-for-twenty.


The reverse stock split is being effected as part of the Company's plan
to regain compliance with the $0.20 minimum bid price continued listing
requirement of the NYSE American and due to the fact that our share
price level of under $1.00 keeps many brokerage groups and institutional
investors from trading our stock. These institutions have internal
restrictions that prohibit them, or their clients, from investing in
stocks below certain trading price thresholds. Many brokerage firms and
institutional investors (including pension funds, mutual funds and
endowments) have internal policies and practices that either prohibit
them from investing in low-priced stocks or discourage brokers from
recommending them to their customers. Such policies may also restrict or
limit an investora??s ability to purchase such stocks on margin. The
Company expects that the reverse split will increase the price of our
common stock such that it is no longer subject to such policies and
practices, thereby making it available for purchase by a much larger
investor base. We have been advised by certain institutional investors
and financial advisors that a higher share price might increase the
participation of investors who currently find our shares unattractive,
solely due to the trading volatility typically associated with very
low-priced stocks. A reverse split could increase the price of our
common stock and make it more acceptable in this regard.


"We believe this proactive measure, approved by our stockholders, will
satisfy NYSE listing requirements, and allow our Management Team to
focus on the development of the product pipeline and ultimately enhance
value for stockholders,a?? said Jed Latkin, Chief Executive Officer of
Navidea. "Additionally, we believe that a higher share price may attract
additional brokerage firms and institutional investors, who previously
may have been prohibited from investing in shares of the Company.a??


The reverse stock split affects all issued and outstanding shares of the
Companya??s common stock. In addition, the reverse split reduces the
number of shares of common stock issuable upon the exercise of stock
options or warrants outstanding immediately prior to the reverse split,
and the number of shares reserved for future issuance under the
Companya??s existing incentive compensation plan will be proportionately
reduced. The par value of the Companya??s common stock will remain
unchanged at $0.001 per share after the reverse split. The reverse split
affects all stockholders uniformly and will not alter any stockholdera??s
percentage interest in the Companya??s equity, except to the extent that
the reverse split results in some stockholders owning a fractional share
as described below.
See also:
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