NNVC - NanoViricides, Inc. Retires 833,600 Shares
Wednesday April 19, 1:10 am ET
Company Finalizes Agreement Regarding Return of Unauthorized Stock and Cancellation of Options
NEW HAVEN, Conn.--(BUSINESS WIRE)--April 19, 2006--NanoViricides, Inc. (NNVC.PK), a biopharmaceutical company specializing in unique antiviral treatments that utilize its patented nanomicelle, today announced several first-quarter updates.
CEO Eugene Seymour, MD MPH, announced today that he has signed an agreement with the owners of the original shell company regarding their unauthorized issuance of stock during the transfer process. The original shell owners have agreed to return to the Company their unauthorized 833,600 shares for immediate cancellation. In addition, they agreed to cancellation of 700,000 of their options.
"The fact that the dispute is finally settled," stated Dr. Seymour, "means that we can now ready the company for its move to another exchange."
The agreement enables NanoViricides, Inc. to proceed with the previously planned financial audit and subsequent submission to the SEC. Once NanoViricides, Inc. becomes a reporting company it can then apply for a move to the Bulletin Board (OTCBB) exchange. The Company will then be eligible to apply to the NASDAQ when NASDAQ's financial and stock price requirements have been met.
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