Trading in Provectus Biopharmaceuticals Common Stock and Warrants Suspended by NYSE MKT
October 14 2016 - 4:38PM
Business Wire
Common Stock and Warrants Expected to Trade
on OTCQB
Provectus Biopharmaceuticals, Inc. (NYSE MKT:PVCT,
www.provectusbio.com), a clinical-stage oncology and dermatology
biopharmaceutical company (“Provectus” or the “Company”), today
confirmed that the Company received a notice dated October 13, 2016
from the staff of NYSE Regulation, Inc. (“NYSE Regulation”)
indicating that it has determined to suspend trading of the
Company's common stock trading under the symbol "PVCT" and its
class of warrants trading under the symbol "PVCTWS" immediately and
to commence proceedings to delist the Company's common stock and
warrants from NYSE MKT LLC (“NYSE MKT”). NYSE Regulation notified
the Company that it is no longer suitable for listing pursuant to
Section 1003(f)(v) of the NYSE MKT Company Guide, due to the
“abnormally low” trading price of its common stock.
Provectus has a right to a review of this determination by a
NYSE MKT Listing Qualifications Panel. The NYSE MKT will apply to
the Securities and Exchange Commission ("SEC") to delist the
Company's common stock and warrants upon completion of all
applicable procedures, including any appeal by Provectus of the
NYSE Regulation staff’s decision.
Provectus plans to appeal the decision of the NYSE MKT. The
Company's common stock began trading on the OTC Pink under the
trading symbol PVCT, and its previously listed warrants began
trading on the OTC Pink under the trading symbol PVCTWS on Friday,
October 14, 2016. The Company anticipates that its common stock and
its previously listed warrants will trade on the OTCQB under the
same trading symbols beginning on Monday, October 17, 2016.
In an effort to regain compliance with the listing standards of
the NYSE MKT, the Company filed a preliminary proxy statement with
the SEC on October 5, 2016 to request that its stockholders
approve, at a special meeting of stockholders to be held on Monday,
November 14, 2016, at 1:00 p.m. Eastern Time at 265 Brookview
Centre Way, Suite 600, Knoxville, Tennessee 37919, among other
items, a reverse stock split, which will be at the discretion of
the Company’s board of directors to effectuate if the proposal
receives the requisite stockholder approval at the special meeting.
The reverse stock split, if approved by stockholders and
effectuated by the Company's board of directors, will combine each
10 to 50 shares of common stock (with the exact ratio to be
determined in the sole discretion of the Company's board of
directors) into one new share of common stock, and will increase
the price of the Company's common stock accordingly. A reverse
stock split will be necessary for the Company to maintain its
listing on the NYSE MKT, unless the Company's stock price begins
trading at higher levels for a sustainable period of time.
There can be no assurance, however, that the Company's
stockholders will approve the reverse stock split. Even if
stockholders approve the reverse stock split and the Company
effectuates the reverse stock split, the Company may still be
subject to delisting if the price of its common stock again falls
below $0.06 or fails to rise above $0.20 and the Company is not
otherwise able to meet applicable listing requirements of the NYSE
MKT.
Peter R. Culpepper, Interim CEO and COO of Provectus, stated,
"we are committed to persevere in our efforts for both patients and
stockholders to win, and we intend to be active in our
communication with stockholders up to and including our quarterly
investor conference call in November, which is planned to coincide
with the filing of our Quarterly Report on Form 10-Q for the
quarter ended September 30, 2016 with the SEC."
About Provectus Biopharmaceuticals, Inc.
Provectus Biopharmaceuticals is investigating new therapies for
the treatment of skin cancer, liver cancer and breast cancer.
Provectus’ investigational oncology drug, PV-10, is an ablative
immunotherapy under investigation in solid tumor cancers. The
Company has received orphan drug designations from the FDA for its
melanoma and hepatocellular carcinoma indications. PH-10, its
topical investigational drug for dermatology, is undergoing
clinical testing for psoriasis and atopic dermatitis. Provectus has
completed Phase 2 trials of PV-10 as a therapy for metastatic
melanoma, and of PH-10 as a topical treatment for atopic dermatitis
and psoriasis. Information about these and the Company’s other
clinical trials can be found at the NIH registry,
www.clinicaltrials.gov. For additional information about Provectus,
please visit the Company’s website at www.provectusbio.com or
contact Porter, LeVay & Rose, Inc.
FORWARD-LOOKING STATEMENTS: This release contains
“forward-looking statements” as defined under U.S. federal
securities laws. These statements reflect management’s current
knowledge, assumptions, beliefs, estimates, and expectations and
express management’s current views of future performance, results,
and trends and may be identified by their use of terms such as
“anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,”
“may,” “plan,” “predict,” “project,” “will,” and other similar
terms. Forward-looking statements are subject to a number of risks
and uncertainties that could cause our actual results to materially
differ from those described in the forward-looking statements.
Readers should not place undue reliance on forward-looking
statements. Such statements are made as of the date hereof, and we
undertake no obligation to update such statements after this
date.
Risks and uncertainties that could cause our actual results to
materially differ from those described in forward-looking
statements include those discussed in our filings with the
Securities and Exchange Commission (including those described in
Item 1A of our Annual Report on Form 10-K for the year ended
December 31, 2015) and the following:
- our determination, based on guidance
from the FDA, whether to proceed with or without a partner with the
fully enrolled phase 3 trial of PV-10 to treat locally advanced
cutaneous melanoma and the costs associated with such a trial if it
is necessary to complete (versus interim data alone);
- our determination whether to license
PV-10, our investigational drug product for melanoma and other
solid tumors such as cancers of the liver, if such licensure is
appropriate considering the timing and structure of such a license,
or to commercialize PV-10 on our own to treat melanoma and other
solid tumors such as cancers of the liver;
- our ability to license PH-10, our
investigational drug product for dermatology, on the basis of our
phase 2 atopic dermatitis and psoriasis results, which are in the
process of being further developed in conjunction with mechanism of
action studies;
- our ability to raise additional capital
if we determine to commercialize PV-10 and/or PH-10 on our own,
although our expectation is to be acquired by a prospective
pharmaceutical or biotech concern prior to commercialization;
and
- our ability to raise capital through
our proposed rights offering.
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version on businesswire.com: http://www.businesswire.com/news/home/20161014005893/en/
Provectus Biopharmaceuticals, Inc.Peter R. Culpepper,
866-594-5999 #30Interim CEO, COOorPorter, LeVay & Rose,
Inc.Marlon Nurse, 212-564-4700DM, SVP – Investor RelationsorTodd
Aydelotte, 646-428-0644Managing Director – Media Relations
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