InVivo Therapeutics Corporation Announces Implementation Of Reverse Stock Split In Preparation For Planned Uplisting To NASDAQ

CAMBRIDGE, Mass.--(BUSINESS WIRE)--InVivo Therapeutics Holdings Corp. (NVIV) today announced the implementation of its previously disclosed 1-for-4 reverse stock split as of today, April 8, 2015, a key step in preparation for its planned uplisting to the NASDAQ Capital Market.

“We are pleased to have completed the reverse stock split in preparation for uplisting, which we believe will result in better liquidity and attract additional investors to our company. Although we cannot make any assurances, we are hopeful NASDAQ will accept our listing application and that we will begin trading on the exchange in the imminent future,” said Mark Perrin, Chief Executive Officer and Chairman of the Board.

The company’s common stock will begin trading on a post-split basis at market open today, April 8, 2015, under the symbol “NVIVD,” with the “D” added for 20 trading days to signify that the reverse stock split has occurred. A new CUSIP number, 46186M 209, has been assigned to the company’s common stock. As a result of the reverse stock split, every four shares of issued and outstanding common stock have been converted into one newly issued share of common stock. Any fractional shares resulting from the reverse stock split have been rounded up the nearest whole share.

The company’s proposed listing on the NASDAQ Capital Market is subject to review by NASDAQ and dependent upon the company meeting all relevant quantitative and qualitative listing criteria of NASDAQ, including the requirement to maintain a minimum closing price of $3.00 for at least five trading days. Although the company believes its common stock will be accepted for listing, there can be no assurance that NASDAQ will approve the company’s application for listing.

Stockholders who hold their shares in brokerage accounts or “street name” will have their shares automatically adjusted to reflect the reverse stock split. Holders of share certificates will receive instructions from the company’s transfer agent, Continental Stock Transfer & Trust Company, with specific instructions regarding the exchange of shares. Continental Stock Transfer can be reached at (917) 262-2378.

Additional discussion of the reverse stock split can be found at “CEO’s Perspective” on the InVivo Therapeutics website: http://www.invivotherapeutics.com/about-invivo/ceo-perspective/.

About InVivo Therapeutics

InVivo Therapeutics Holdings Corp. is a research and clinical-stage biomaterials and biotechnology company with a focus on treatment of spinal cord injuries. The company was founded in 2005 with proprietary technology co-invented by Robert Langer, ScD, Professor at Massachusetts Institute of Technology, and Joseph P. Vacanti, MD, who then was at Boston Children’s Hospital and who now is affiliated with Massachusetts General Hospital. In 2011 the company earned the David S. Apple Award from the American Spinal Injury Association for its outstanding contribution to spinal cord injury medicine. The publicly-traded company is headquartered in Cambridge, MA. For more details, visit www.invivotherapeutics.com.

Safe Harbor Statement

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of the federal securities laws. These statements can be identified by words such as “believe,” “anticipate,” “intend,” “estimate,” “will,” “may,” “should,” “expect” and similar expressions, and include statements regarding the proposed uplisting of the company’s common stock to the NASDAQ Capital Market, the company’s ability to meet the requirements necessary to obtain a listing of its common stock on a national securities exchange and the anticipated benefits to be derived from listing on a national securities exchange. Any forward-looking statements contained herein are based on current expectations, and are subject to a number of risks and uncertainties. Factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to anticipated clearance from NASDAQ of the proposed uplisting of the company’s common stock; the volatility of the trading price of the company’s common stock; the company’s ability to successfully open additional clinical sites for enrollment and to enroll additional patients; the timing of the Institutional Review Board process; the company’s ability to obtain FDA approval to commercialize its products; the company’s ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the company’s products and technology in connection with the treatment of spinal cord injuries; the availability of substantial additional funding for the company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and other risks associated with the company’s business, research, product development, regulatory approval, marketing and distribution plans and strategies identified and described in more detail in the company’s Annual Report on Form 10-K for the year ended December 31, 2014, and its other filings with the SEC, including the company’s Form 10-Qs and current reports on Form 8-K. The company does not undertake to update these forward-looking statements.

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