Vaxart, Inc. (VXRT) Friday announced a supplement to its proxy statement ahead of its Annual Meeting.
The board approved two key amendments, contingent on the passage of Proposal #2. First, the company's authorized common stock would be proportionally reduced in line with a reverse stock split ratio. Second, the reverse split would be capped at a maximum ratio of 1-for-20. These changes will be subject to shareholder approval in a forthcoming special meeting.
The company stated that these amendments directly reflect shareholder input and are aimed at maintaining Vaxart's listing on Nasdaq. CEO Steven Lo emphasized that the continued Nasdaq listing supports share liquidity, enables institutional investment, and is essential for advancing the company's oral pill vaccine technology.
Vaxart also reminded shareholders who previously voted against Proposal #2 that they may revise their votes before the May 20, 2025 deadline at 11:59 p.m. ET.
Friday, VXRT closed at $0.5051, marking an 18.99% gain, and is trading at $0.51 in after-hours, up 0.97% on the Nasdaq Capital Market.
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