Provectus Biopharmaceuticals Announces Stockholder Approval to Undertake Reverse Split of Outstanding Equities and Reduce Number of Authorized Equities by Same Ratio
KNOXVILLE, TN, June 26, 2023 (GLOBE NEWSWIRE) -- Provectus (OTCQB: PVCT) today announced that the Company’s shareholders have approved the proposals of Provectus’s Board of Directors (Board) to seek the authority to undertake a reverse stock split and an authorized share reduction.
At the Company’s Annual Meeting of Stockholders held in Knoxville, Tennessee on June 21, 2023, shareholders also approved the Board’s recommendations of four other proposals: the election of directors, an advisory vote on the approval of the compensation of Provectus’s named executive officers, an advisory vote on the frequency of the aforementioned advisory vote on compensation, and the ratification of the Company’s independent registered public accounting firm.
Ed Pershing, Chairman of Provectus’s Board said, “I want to express my sincere appreciation and the sincere appreciation of our directors, officers, employees, and staff to all of our stockholders for your active participation in the voting process as well as your support of our business direction and management, as evidenced by these favorable voting results. Your continued interest in and support of Provectus is welcomed and greatly appreciated.”
Mr. Pershing added, “The Company’s Board understands its responsibility to evaluate and determine whether and when a reverse stock split of Provectus’s outstanding equities and reduction of authorized shares are in the best interests of the Company and our stockholders.”
A copy of Provectus’s Form 8-K filed on June 22, 2023, which provided details of shareholder voting on the Board’s six proposals and included a brief description of and the vote tabulation for each proposal, may be found here:
https://www.sec.gov/ix?doc=/Archives/edgar/data/315545/000149315223022116/form8-k.htm.
Proposal #1 (election of directors) passed with [an average of] 44% FOR of shares outstanding and 96% FOR of shares voted.
Proposal #2 (advisory vote on compensation) passed with 43% FOR of shares outstanding and 94% FOR of shares voted.
Proposal #3 (one-year frequency of advisory vote on compensation) passed with 43% FOR of shares outstanding and 94% FOR of shares voted.
Proposal #4 (independent accounting firm) passed with 67% FOR of shares outstanding and 99% FOR of shares voted.
Proposal #5 (reverse stock split) passed with 61% FOR of shares outstanding and 90% FOR of shares voted.
Proposal #6 (authorized share reduction) passed with 61% FOR of shares outstanding and 91% FOR of shares voted.
About Provectus
Provectus Biopharmaceuticals, Inc. (Provectus or the Company) is a clinical-stage biotechnology company developing immunotherapy medicines for different diseases that are based on a class of synthetic small molecule immuno-catalysts called halogenated xanthenes (HXs). Provectus’s lead HX molecule is named rose bengal sodium (RBS).
The Company’s proprietary, patented, pharmaceutical-grade RBS is the active pharmaceutical ingredient (API) in the drug product candidates of Provectus’s clinical development programs and preclinical formulations of the Company’s drug discovery programs. Provectus’s pharmaceutical-grade RBS displays different therapeutic effects at different concentrations and can be formulated for delivery by different routes of administration. The International Nonproprietary Names Expert Committee of the World Health Organization selected “rose bengal sodium” for the nonproprietary name of the Company’s API.
RBS may target disease in a bifunctional manner. Direct contact may lead to cell death or repair depending on the disease being treated and the concentration of Provectus’s RBS utilized in the treatment. Multivariate immune signaling, activation, and response may follow that may manifest as stimulatory, inhibitory, or both.
The Company believes that it is the first entity to advance an RBS formulation into clinical trials for the treatment of a disease. Provectus believes that it is the first and only entity to date to successfully, reproducibly, and consistently make pharmaceutical-grade RBS at a purity of nearly 100%.
Provectus’s small molecule HX medical science platform includes clinical development programs in oncology, dermatology, and ophthalmology; in vivo proof-of-concept programs in oncology, hematology, wound healing, and animal health; and in vitro programs in infectious diseases and tissue regeneration and repair.
Information about the Company’s clinical trials can be found at the National Institutes of Health (NIH) registry, ClinicalTrials.gov. For additional information about Provectus, please visit the Company’s website at www.provectusbio.com.
FORWARD-LOOKING STATEMENTS: The information in this press release may include “forward-looking statements,” within the meaning of U.S. securities legislation, relating to the business of Provectus and its affiliates, which are based on the opinions and estimates of Company management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek,” “anticipate,” “budget,” “plan,” “continue,” “estimate,” “expect,” “forecast,” “may,” “will,” “project,” “predict,” “potential,” “targeting,” “intend,” “could,” “might,” “should,” “believe,” and similar words suggesting future outcomes or statements regarding an outlook.
The safety and efficacy of the agents and/or uses under investigation have not been established. There is no guarantee that the agents will receive health authority approval or become commercially available in any country for the uses being investigated or that such agents as products will achieve any particular revenue levels.
Due to the risks, uncertainties, and assumptions inherent in forward-looking statements, readers should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof or as of the date specifically specified herein, and Provectus undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward-looking statements are expressly qualified by this cautionary statement.
Risks, uncertainties, and assumptions include those discussed in the Company’s filings with the Securities and Exchange Commission (SEC), including those described in Item 1A of:
The Company’s Annual Report on Form 10-K for the period ended December 31, 2022, and
Provectus’s Quarterly Report on Form 10-Q for the period ended March 31, 2023.
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Contact:
Provectus Biopharmaceuticals, Inc.
Heather Raines, CPA
Chief Financial Officer
Phone: (866) 594-5999
