VBI Vaccines falls to record low after reverse stock split plans, CFO change

VBI Vaccines

04/04/2023 15:22

(Updates)
    ** Shares of VBI Vaccines Inc  VBIV.O  fall 36% to a record
low of $0.19 
    ** Biggest one-day pct fall in nearly 4 years 
    ** Co to reduce its workforce by 30-35%, starting this month
through June-end
    ** Says Chief Financial Officer Christopher McNulty to
resign; appoints its business chief Nell Beattiethe as new CFO
    ** Also plans to effect a 1-for-30 reverse stock split,
which will reduce its ~258.3 mln outstanding common shares to
~8.6 mln 
    ** VBIV says organizational changes are part of plan to
focus on FDA approved hepatitis B vaccine (HBV) and development
of experimental immunotherapy candidate, VBI-2601, for HBV  
    ** Operating expenses from normal business expected to be
30%-35% lower in the H2 of 2023, compared with second half last
year - co
    ** Including session loss, VBIV was down ~52% YTD

 (Reporting by Raghav Mahobe and Khushi Mandowara in Bengaluru)
 ((Raghav.Mahobe@thomsonreuters.com;))