The Company has evaluated events and transactions subsequent to and through the date these consolidated financial statements were included in this Form -Q and filed with the SEC.

 

On the Company’s Board of Directors approved a -for- reverse stock split of its issued and outstanding shares of common stock. The reverse split became effective at am Eastern Time on and shares of the Company’s common stock began trading on a split-adjusted basis when the NYSE American market opened on that date. The reverse stock split was effected as part of the Company's plan to regain compliance with the minimum bid price continued listing requirement of the NYSE American.

 

The Company's common stock continues to trade on the NYSE American under the trading symbol “NAVB,” but now trades under the following new CUSIP number: As a result of the reverse split, each pre-split shares of common stock outstanding automatically combined into new share of common stock without any action on the part of the stockholders. The number of outstanding common shares was reduced from approximately million to approximately million shares. The authorized number of shares of common stock was reduced and remains at million.

 

The reverse stock split affected all issued and outstanding shares of the Company’s common stock. In addition, the reverse split reduced the number of shares of common stock issuable upon the exercise of stock options or warrants outstanding immediately prior to the reverse split, and the number of shares reserved for future issuance under the Company’s existing incentive compensation plan were proportionately reduced. The par value of the Company’s common stock remains unchanged at per share after the reverse split. The reverse split affected all stockholders uniformly and did alter any stockholder’s percentage interest in the Company’s equity, except to the extent that the reverse split resulted in some stockholders owning a fractional share as described below.

 

fractional shares were issued in connection with the reverse stock split.  Stockholders who would have otherwise been entitled to receive a fractional share were instead entitled to receive a cash payment based on the closing price of the Company’s common stock on Cash-in-lieu payments totaling approximately were made on