Avalon GloboCare Completes Reverse Stock Split and Decrease in Authorized Shares

Avalon GloboCare Corp. (NASDAQ: ALBT) announced the completion of a reverse stock split and a decrease in authorized shares following the approval by stockholders at the virtual 2024 annual meeting on October 7, 2024.

The company approved an amendment to its amended and restated certificate of incorporation to implement a reverse stock split of the common stock at a ratio of 1-for-15. Additionally, stockholders authorized reducing the number of shares of common stock available for issuance from 490,000,000 shares to 100,000,000 shares, in a move referred to as the “Decrease in Authorized Shares.”

The certificate of amendment to the Certificate of Incorporation was filed with the Secretary of State of Delaware on October 23, 2024. The Reverse Stock Split and Decrease in Authorized Shares became effective at 5:00 PM ET on October 25, 2024.

The specifics of the Reverse Stock Split and Decrease in Authorized Shares were outlined in the amendment to the Certificate of Incorporation, filed as Exhibit 3.1 to the Current Report on Form 8-K. The complete text of the Amendment is available for reference in the official filing.

In conclusion, Avalon GloboCare Corp. moved forward with the Reverse Stock Split and Decrease in Authorized Shares, positioning the company for potential strategic initiatives in the future.

This news summary has been prepared based on the official 8-K SEC filing dated October 31, 2024, submitted by Avalon GloboCare Corp. to the U.S. Securities and Exchange Commission.

The Form 8-K also included the signature of Luisa Ingargiola, Chief Financial Officer of Avalon GloboCare Corp.

For more details and financial statements, interested parties can refer to the original filing on the SEC’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Avalon GloboCare’s 8K filing here.

Avalon GloboCare Company Profile

Avalon GloboCare Corp., together with its subsidiaries, owns and operates commercial real estate properties in the United States and China. The company develops and delivers transformative cellular therapeutics, precision diagnostics, and clinical laboratory services. Its leading candidates are AVA-001, an anti-CD19 CAR-T, which has completed first-in-human clinical trial for relapsed/refractory (R/R) B-cell lymphoblastic leukemia; and AVA-011 that has completed pre-clinical laboratory studies and undergoing IND-enabling process development stage to generate cGMP-grade AVA-011 CAR-T cells.