Exhibit 99.1
Vaccinex, Inc. Announces Reverse Stock Split
ROCHESTER, N.Y., September 22, 2023 Vaccinex, Inc., (NASDAQ: VCNX), a clinical-stage biotechnology company pioneering a
differentiated approach to treating neurodegenerative disease and cancer through the inhibition of SEMA4D, today announced that it will effect a 1-for-15 reverse stock
split of its issued common stock, effective at 5:00 p.m. Eastern Time on Monday, September 25, 2023. Beginning Tuesday, September 26, 2023, the Companys common stock will trade on a split-adjusted basis.
At the Companys Special Meeting of Stockholders held on September 8, 2023, the Companys stockholders approved a proposal to authorize a
reverse stock split of the Companys common stock, at a ratio of 1-for-8, 1-for-10, 1-for-12, 1-for-14, or
1-for-15, as determined by the Companys Board of Directors. The Board of Directors approved a
1-for-15 reverse split ratio, and on Friday, September 22, 2023, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of
Incorporation to effect the reverse stock split effective as of 5:00 p.m. Eastern Time on Monday, September 25, 2023 (the Effective Time).
The Companys Board of Directors implemented the reverse stock split with the objective of regaining compliance with the $1.00 minimum bid price
requirement of The Nasdaq Capital Market. The Company has until October 9, 2023 to comply with this requirement. To evidence compliance with this requirement, the closing bid price of the Companys common stock must be at least $1.00 per
share for a minimum of 10 consecutive business days by October 9, 2023.
The Companys shares of common stock will continue to trade on The
Nasdaq Capital Market under the symbol VCNX. The new CUSIP number for the Companys common stock post-reverse stock split is 918640202.
As a result of the reverse stock split, every fifteen shares of the Companys common stock will automatically be combined into one share of common stock.
The reverse stock split will affect all stockholders uniformly and will not alter any stockholders percentage ownership interest in the Companys equity, except to the extent that the reverse stock split results in any of our stockholders
receiving whole shares in lieu of fractional shares, as discussed below. Any fraction of a share of common stock that would be created as a result of the reverse stock split will be rounded up to the next whole share. There will not be a reduction
in the total number of authorized shares of common stock.
As of the effective date of the reverse stock split, the number of shares of common stock
available for issuance under the Companys equity incentive plans and issuable pursuant to equity awards immediately prior to the reverse stock split will be proportionately adjusted by the reverse stock split. The exercise prices of the
Companys outstanding options will be adjusted in accordance with their respective terms.