GeoVax Labs Inc (GOVX)

[Epic]

Wow I can't believe this got beat down again this bad after the r/s. Now it looks like they will r/s again already!

If the trading price for the Company’s common stock remains at current levels, then there are insufficient unissued shares of authorized common stock to fulfill the Company’s obligations to issue common stock upon conversion of convertible preferred stock and exercise of warrants. If the Company is unable to deliver common stock upon the conversion of convertible preferred stock or the exercise of warrants, then the Company may be required to pay liquidated damages, costs incurred by the investors for “buying in” shares to cover trades, and other amounts. These costs could be substantial and have a material adverse effect on the Company’s financial position and the trading price for the Company’s common stock. In addition to the possible adverse consequences to the Company arising from its obligations to the holders of convertible preferred stock, if the Company has insufficient authorized shares of common stock available, it will not be unable to raise capital from the sale of such shares, nor will it be able to honor existing obligations under outstanding options or warrants. Management’s plans to address this concern includes seeking stockholder approval of a reverse stock split.
On October 24, 2019, OTC Markets Group, Inc. notified the Company of non-compliance with OTCQB Standards Section 2.3(2), which requires an issuer to maintain a minimum closing bid price of $0.01 per share on at least one of the prior 30 consecutive calendar days. There is a cure period which ends on January 22, 2020, during which the minimum closing price of the Company’s common stock must be $0.01 or greater for 10 consecutive trading days. If the Company fails to regain compliance by January 22, 2020 or if the closing bid price of the Company’s common stock falls below $0.001 at any time for five consecutive days, the Company will be immediately removed from the OTCQB marketplace. The Company intends to take remedial actions during such cure period to regain compliance with the Minimum Price Rule, which may include the reverse stock split. There can be no assurance any such action will achieve its purpose. If the Company’s common stock is removed from the OTCQB market, the Company expects to have the option of moving it to the OTC Pink market.

https://www.otcmarkets.com/filing/conv_pdf?id=13712913&guid=9mESU6XpGGFQ2yh


Really thought this one had great potential but the debt is crushing it