Update: NanoViricides (NNVCD)   13 comments

No, that isn’t a typo in the headline. NanoViricides (formerly NNVC) is changing it’s stock symbol, as well as doing something else. From their latest SEC filing:

In accordance with the Registrant’s reverse stock split on a 1 for 3.5 basis, effective September 10, 2013, the Registrant filed a Certificate of Change to its Articles of Incorporationpursuant to Section 78.209 of the Nevada Revised Statutes (the “Amendment”) on September 3, 2013. The Amendment effectuated a reverse stock split of the Registrant’s common stock, par value $0.001 per share (the “Common Stock”) by simultaneously decreasing the number of the Registrant’s authorized and outstanding capital stock on a basis of 1 for 3.5 shares (the “Split”). Accordingly, upon effectiveness of the Split, the Registrant’s authorized capital stock shall consist of (i) 85,714,286 shares of Common Stock and (ii) 5,714,286 blank check preferred shares, par value $0.001 (the “Preferred Stock”), of which approximately 46,854,239 shares of Common Stock and 2,820,572 shares of Preferred Stock shall be outstanding.

The Registrant has elected to effectuate the Split in order that the price of the Common Stock qualify for listing on a national securities exchange. The Amendment was unanimously approved by the Board of Directors so that the Common Stock would comply with such listing requirement.

My guess is they are trying for a Nasdaq listing, which would be great news for the stock. Whenever penny stocks get an exchange listing, they usually get a price bump as various etf’s have to add the stock.

Even with their elevated stock price, NNVCD is a “buy” here.

UPDATE 9:45 am: I added a small position of NNVCD to my 401k at $3.53. This will NOT be included in my daily summaries.

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Posted September 10, 2013 by edmcgon in 401(k), Portfolio, Portfolio Moves

13 responses to “Update: NanoViricides (NNVCD)

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  1. Ed – am I reading nnvcd correctly? Are they down 22%?

  2. added NNVCD at 3.48.

  3. this is also the reason for the drop.

    Immediately following the reverse split, the Company has entered into definitive agreements to sell approximately 2.853 million units of its new common stock and warrants at a price per unit of $3.50 pursuant to a registered direct offering to institutional investors and accredited investors, representing gross proceeds of approximately $9.3 million.

  4. Off the wagon again and back onto NNVCD at $3.45. Thanks for keeping us informed on this company Ed.

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