In light of the Nasdaq Hearings Panel's grant of our request for continued listing, Generex is adjourning the special meeting scheduled for September 17, 2010 in order to provide it with more time to solicit additional proxies for the proposal to approve an amendment to Generex's Restated Certificate of Incorporation (i) to effect a reverse stock split of the common stock, at an exchange ratio of not less than 1-for-2 and not more than 1-for-10 at any time prior to September 16, 2011 (the implementation of the reverse stock split, ratio and timing of which will be subject to the discretion of the Board of Directors), and (ii) following the reverse stock split, if implemented, to reduce the number of authorized shares of common stock from 750,000,000 to 500,000,000 unless the Board of Directors utilizes a ratio of not more than 1-for-2, in which case, the number of authorized shares of common stock will be maintained at 750,000,000.
Generex cautions stockholders that there can be no assurance that the adjournment of the special meeting will result in Generex obtaining a sufficient number of votes in favor of the above-mentioned reverse stock split proposal. Nor can there be any assurance that the reverse stock split, if implemented, will have the desired effect of sufficiently raising the common stock price to meet The Nasdaq Capital Market's $1.00 minimum bid price requirement for continued listing.
The Board of Directors of Generex has not withdrawn, modified or qualified its unanimous recommendation that the stockholde
|SOURCE Generex Biotechnology Corporation|
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