HTBX - Heat Biologics announces reverse stock split dragging the shares

Heat Biologics (NASDAQ:HTBX) is down -14.1% as the company announces a reverse stock split of 1-for-7 effective tomorrow.The corporate action intended address the reduce concerns related to the Nasdaq minimum bid price requirement will reduce the number of issued and outstanding common stock from approximately 159.8 million shares to approximately 22.8 million.Noting that the company remains compliant on Nasdaq requirements, Jeff Wolf, CEO of Heat said the important upcoming milestones related to its programs would further validate its strategy.Heat, focused on developing first-in-class therapies to modulate the immune system, has a broad pipeline including a COVID-19 vaccine program in pre-clinical development. Its cash balance of ~$117.3M is nearly eight times higher than the level in 2019 year-end.,

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Heat Biologics announces reverse stock split dragging the shares