Includes 7.5 Million Shares for Innovest Global Share Distribution
Increases Unaffiliated Float While Significantly Expanding Shareholder Base
CLEVELAND, OH / ACCESSWIRE / September 22, 2022 / NovAccess Global Inc. (OTCQB:XSNX), a biomedical company developing novel immunotherapies for brain tumor patients, today announced that the Securities and Exchange Commission ("SEC") has declared the Company's registration statement on Form S-1 effective as of September 16, 2022.
NovAccess Global's Chief Executive Officer Dr. Dwain K. Irvin stated, "The effective registration statement enables, among other things, the distribution of 7.5 million shares of our common stock to Innovest Global, Inc. shareholders, which is a function of the strategic initiatives implemented earlier this year for partially recapitalizing and accelerating the growth of the Company. We are very pleased to have achieved another milestone in our capital formation plan that allows more investors to participate in our future as we advance our unique immunotherapy technology platform targeting a large and significant market for brain tumor therapy."
Dr. Ivin added, "While our common shares were upgraded to the OTC Markets Group's OTCQB® platform from the OTC Pink Market last month, the registration statement and distribution of shares from a single holder to more than 400 recipients is expected to enhance the liquidity of our publicly traded shares by increasing the unaffiliated float as well as the aggregate number of shareholders. These measures are also important for qualification of further uplisting of our common shares to a national exchange, such as Nasdaq or NYSE American."
The registration statement also includes shares held by the Company's lenders and shares issuable upon the conversion of convertible promissory notes or exercise of warrants held by the Company's lenders. Details pertaining to these shares, notes and warrants are included in the S-1 registration statement and were previously filed with the SEC at the time each transaction was consummated.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sales of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About NovAccess Global
NovAccess Global is a biomedical company accelerating novel cancer diagnostics and therapeutics. Our goal is to discover, develop and bring to market novel and innovative medicine and medical devices to improve the quality of care for cancer and neurological patients.
NovAccess Global is currently developing a cancer vaccine therapy that enhances the patient's immune response against brain tumors. Our Company has a novel immunotherapeutic approach to treating brain tumor patients with glioblastoma, the most common adult brain tumor with a 15-month median survival after diagnosis. Our patented technology is designed to combine a dendritic cell-based immunotherapeutic approach with a unique combination of toll-like receptor (TLR) adjuvants, TLR-AD1, to help promote an enhanced immune response against the patient's tumor. Our platform technology focuses on enhancing the patient's immune cells to fight their unique cancer by utilizing the antigens specific to the patient's tumor. It is a meaningful technology that could significantly improve the quality of life and prognosis for the many people who suffer from brain tumors. For more information, please visit novaccessglobal.com.
This press release contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company's disclosures or filings with the Securities Exchange Commission. You are further cautioned that penny stocks and stocks of smaller companies like NovAccess Global Inc. are inherently volatile and risky and that no investor should buy this stock unless they can afford the loss of their entire investment. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.
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SOURCE: Darrow Associates, Inc.