That was a nice trick they did so IBIO could continue to dilute to the tune over 25x the OS. I would bet the upcoming RS will be at the top of the range to 1:20 so when they dilute, it will give them more time before the share price slips from $6 back to $0.03 again.
IBIO had zero revenue from continued operations and only $4.3M of cash left in of June. How much are they burning per month? Is it $1M I didn't look. Using simple math if that is the case they are OOC (Out of Cash), with no other revenue. Yike! Now they need to go to shady LPC and deal with Dickie. Watch the shorting begin after the RS by you know who.
Revenue "During the Fiscal year ended June 30, 2023, the Company reported no revenue from continuing operations and generated $391,000 of its revenue reported in discontinued operations from four customers. During the Fiscal year ended June 30, 2022, the Company reported revenue from continuing operations related to a license agreement and a settlement of a revenue contract and generated $499,000 of revenue reported in discontinued operations from eight customers. "
Reverse Stock Split "On October 7, 2022, we effected a reverse stock split at a ratio of one-for-twenty five (1:25) shares of our common stock. As a result of the reverse stock split, every twenty five (25) shares of the Company's common stock either issued and outstanding or held by us in our treasury immediately prior to the effective time was, automatically and without any action on the part of the respective holders thereof, combined and converted into one (1) share of our common stock. The reverse split also applied to common stock issuable upon the exercise of our outstanding stock options. The reverse stock split did not affect the par value of our common stock or the shares of our common stock that we are authorized to issue under our Certificate of Incorporation, as amended. No fractional shares were issued in connection with the reverse stock split. Stockholders who otherwise were entitled to receive a fractional share in connection with the reverse stock split instead were eligible to receive a cash payment, which was not material in the aggregate, instead of shares. All share and per share amounts of common stock presented in this Annual Report have been retroactively adjusted to reflect the one-for-twenty five reverse stock split."
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