FIT Biotech Oy: FIT Biotech plans a reverse share split
FIT Biotech Oy
Company release 24.1.2019 at 09:20 am EET
FIT Biotech plans a reverse share split
FIT Biotech Oy ("Company", FITBIO: FN Finland) plans to reduce the number of all its shares through a reverse share split procedure. The purpose of the reverse split is to support the value of individual shares and therefore to enhance trading conditions and improve reliability of share price formation on the stock market. The reverse split does not have an impact on Company's equity. The arrangement is subject to the resolution of the General Meeting.
CEO Erkki Pekkarinen comments:
"According to the FIT Biotech's Board of Directors, there is a particularly weighty, economic reason for the reduction of the number of shares in the Company. We believe that the reverse share split is in the best interests of FIT Biotech's shareholders. We have started the planning of the reverse split procedure, and our aim is to implement it during the first half of the year 2019."
The Company also announces, that Alpha Blue Ocean ("ABO") has notified that it withdraws its request on January 18, 2019 to convert EUR 30,000 worth of Convertible Capital Notes into the Company's K shares under the funding programme.
FIT Biotech Oy
Board of Directors
For further information:
CEO Erkki Pekkarinen
Tel: +358 44 027 0080
Certified Advisor: Aalto Capital Partners Oy, tel. +358 40 587 7000
FIT Biotech in brief
FIT Biotech Oy is a biotechnology company established in 1995 that develops and licenses its patented GTU® (Gene Transport Unit) vector technology for new-generation medical treatments. GTU® is a gene transport technology that meets an important medical challenge in the usability of gene therapy and DNA vaccines.
FIT Biotech applies its GTU® technology in its development projects, which at the time include gene-based treatments, genetic vaccines and research collaboration. Application areas include cancer (gene therapy) and infectious diseases such as HIV.
FIT Biotech K-shares are listed on the First North Finland market maintained by Nasdaq Helsinki Ltd.