MANNHEIM, Germany - Affimed N.V. (NASDAQ: NASDAQ:AFMD), a clinical-stage immuno-oncology company, announced its plan to execute a 1-for-10 reverse stock split of its common shares. The move, approved by the company's shareholders during the Annual General Meeting on June 21, 2023, is scheduled to take effect after the market closes on March 8, 2024.
The company's shares are expected to begin trading on the Nasdaq Capital Market on a post-split basis when the market opens on March 11, 2024, under the existing trading symbol "AFMD".
The reverse stock split is aimed at bringing Affimed's stock price above the Nasdaq's minimum $1.00 per share requirement for continued listing. Shareholders who would otherwise hold a fractional share after the reverse split will receive a cash payment instead of a fractional share.
This strategic step follows detailed information provided in the proxy materials filed with the Securities and Exchange Commission on May 22, 2023, and June 22, 2023. Further details regarding the reverse stock split are available on Affimed's Investor Relations website.
Affimed, headquartered in Mannheim, focuses on harnessing the innate immune system's potential to fight cancer. The company's proprietary ROCK® platform produces innate cell engagers (ICE®) that target and eliminate various hematologic and solid tumors. Several ICE® molecules are currently under clinical development for use as mono- or combination therapies.
This article is based on a press release statement from Affimed N.V.
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