Note 17 - Subsequent Events
|3 Months Ended|
Mar. 31, 2019
|Notes to Financial Statements|
|Subsequent Events [Text Block]||
The Company has evaluated events and transactions subsequent to
March 31, 2019and through the date these consolidated financial statements were included in this Form
10-Q and filed with the SEC.
April 18, 2019,the Company’s Board of Directors approved a
twentyreverse stock split of its issued and outstanding shares of common stock. The reverse split became effective at
12:01am Eastern Time on
April 26, 2019,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
$0.20minimum 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:
63937X202.As a result of the reverse split, each
twentypre-split shares of common stock outstanding automatically combined into
onenew share of common stock without any action on the part of the stockholders. The number of outstanding common shares was reduced from approximately
201.0million to approximately
10.1million shares. The authorized number of shares of common stock was
notreduced and remains at
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
$0.001per share after the reverse split. The reverse split affected all stockholders uniformly and did
notalter 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.
Nofractional 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
April 25, 2019.Cash-in-lieu payments totaling approximately
$3,000were made on
May 6, 2019.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef