iBio shareholders approve 1-for-25 reverse stock split

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• iBio (NYSE:IBIO) shareholders have approved the company's proposal to provide for a 1-for-25 share reverse stock split.
• Shares are up 7% in Wednesday morning trading.
• However, an SEC filing states that the split would only happen if the company board deems it advisable.
• At a June 30 special shareholder meeting, shareholders rejected a proposal that would have reduced the number of common shares from 275M to 22M after the reverse split.
• IBio (IBIO) is a strong sell, according to Seeking Alpha's Quant Rating, with particularly poor grades on growth, momentum, and revisions.

Comments

[redspeed]

"shareholders rejected a proposal that would have reduced the number of common shares from 275M to 22M after the reverse split"

Those same shareholders rejected the reverse split but the special voting power of the 1000 shares with 5M votes each that could ONLY vote for the reverse split pushed that forward. Shareholders forgot that the two proposals were independent. Now the company has a ton of shares to dilute investors. that cleaerly didn't want a reverse split, instead of the 22M.

Slick move by CEO and BOD. Not good for investors at all. That is why Blackrock (largest institutions) sold 75% so far and worse yet, IBIO booted from the Russel so the rest will sell.

[JonJJ]

Any other comments

[thehip]

As long as their entire business plan is performing reverse splits and issuing new shares I am sure they will be successful. Garbage.