GeoVax Labs Inc (GOVX)

[Ronin]

Complain to SEC about GOVX. CEO committed fraud, imho...

David Dodd made it seem in PR after that GOVX was on the verge of getting funding and that the Reverse Split was necessary to get on the Nasdaq. It was all lies imho, and the last PR to Shareholders proves it by how they admit things didn't go as they wished. This letter had a very different tone than all the previous hype they were putting out about how positive they were about the future and especially 2019...

FILE a COMPLAINT with the SEC for FRAUD!

https://www.sec.gov/oiea/Complaint.html

I would have dumped my shares at a loss when the price was still .02 cents before the split, but I held on because management was so "confident" they needed to do the R/S to get on the Nasdaq which suggested funding was in place. It was all HORSE SH*T!!!

Instead, post slit, the stock went from $4.50 to .02 again rending the shares completely worthless!!!

Total FRAUD perpetrated by Management, imho!!!


https://www.geovax.com/images/190802_Shareholder_Update_-_Final.pdf


GeoVax Issues Shareholder Update Letter
Press Release | 08/02/2019

August 2, 2019


Fellow Shareholders,

In recent weeks, we have seen a severe and sharp erosion of GeoVax common stock price and resultant company valuation. In this update, I would like to address what we believe are the root causes of the decline, as well as offer some insight as to the promise of our core technology, our shift of focus to immuno-oncology, and the challenges that we still face. I hope that this candid assessment of our situation helps you, our shareholders, understand the motives behind our actions, as well as see the future potential that remains for GeoVax.

The share price decline can be directly attributed to both our current capital structure, as well as our decision to move forward with a reverse stock split on May 2. Our primary intent behind seeking shareholder approval for the reverse split was to position the Company for listing on Nasdaq in conjunction with a significant financing event, with the expectation that subsequent events would support a higher stock valuation. For various reasons, these plans did not materialize in the way we had hoped. Unfortunately, we were then compelled to execute the reverse split due both (i) to our need for increased authorized shares in support of continued capital development, including the need for available shares to support the sale of securities to our primary investors, to keep the Company operational, as well as (ii) to meet the minimum stock price required to maintain our listing on the OTC Market. Our primary investors often convert their preferred shares into common stock, or exercise their warrants to purchase our common stock, and sell those shares. Our dire need for additional authorized shares was such that we had no other alternative but to proceed with the reverse split. Most disappointingly, our share price immediately collapsed, eliminating our ability to proceed with the steps to achieve the “Nasdaq uplisting”.

While our financial status may be disheartening, we believe the promise of our technology and development programs continues to be impressive. But the reality is, GeoVax remains highly undercapitalized, and we have been unable to advance any of our promising non-HIV development programs into the critical realm of human clinical trials. We continue to seek strategic collaborations or partnerships with other companies that may result in funding arrangements which would reduce our need for additional equity capital or lead to such arrangements. While we have engaged in various such discussions, virtually all such funding agreements are predicated on our having advanced the respective product(s) into clinical development. In most discussions, we consistently receive highly positive and complimentary comments regarding the validation of our technology and expertise. Unfortunately, without having the requisite human clinical data, no potential collaborator or partner has been willing to proceed to a definitive agreement. This is the “Catch-22” in which we find ourselves… needing the human clinical data to support further corporate development and funding, but not having adequate financial resources to generate the data.

Our financing challenges are significant, but not insurmountable, and we remain confident in the promise of our technology. Consider the following achievements and progress: