GenVec effects 1-for-10 reverse stock split

|By:, SA News Editor

GenVec (NASDAQ:GNVC) announces that the Company's previously declared one-for-ten reverse stock split of its outstanding shares of common stock became effective today. The Reverse Stock Split is intended to enable GenVec to regain compliance with the $1.00 minimum bid price required for continued listing on NASDAQ Capital Market.

As a result of the Reverse Stock Split, each 10 shares of the Company's common stock outstanding were combined into 1 share of common stock and the total number of common stock outstanding were reduced from ~22.73M shares to ~2.27M shares. Stockholders will receive cash in lieu of any fraction of a share that stockholders would otherwise be entitled to receive as a result of the Reverse Stock Split.