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SEC Filings

AC IMMUNE SA filed this Form 20-F on 03/21/2019
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Risks Related to Our Common Shares


The price of our common shares may be volatile and may fluctuate due to factors beyond our control.


The share prices of publicly traded emerging biopharmaceutical and drug discovery and development companies have been highly volatile and are likely to remain highly volatile in the future. The market price of our common shares may fluctuate significantly due to a variety of factors, including:


  · positive or negative results of testing and clinical studies by us, strategic partners, or competitors;


  · delays in entering into strategic relationships with respect to development and/or commercialization of our product candidates or entry into strategic relationships on terms that are not deemed to be favorable to us;


  · technological innovations or commercial product introductions by us or competitors;


  · changes in government regulations;


  · developments concerning proprietary rights, including patents and litigation matters;


  · public concern relating to the commercial value or safety of any of our product candidates;


  · financing or other corporate transactions;


  · publication of research reports or comments by securities or industry analysts;


  · general market conditions in the pharmaceutical industry or in the economy as a whole; or


  · other events and factors beyond our control.


Broad market and industry factors may materially affect the market price of companies’ stock, including ours, regardless of actual operating performance. Furthermore, issuers such as ourselves whose securities have historically had limited trading volumes and/or have been susceptible to relatively high volatility levels can be particularly vulnerable to short seller attacks and trading in our common shares by non-fundamental investors such as hedge funds and others who may enter and exit positions in our common shares frequently and suddenly, causing increased volatility of our share price. Short selling is the practice of selling securities that the seller does not own but rather has borrowed or intends to borrow from a third party with the intention of buying identical securities at a later date to return to the lender, and profit from a decline in the value of the securities in the process. The publication of any commentary by short sellers with the intent of creating negative market momentum may bring about a temporary, or possibly long term, decline in the market price of our common stock.


There is only a limited free float of our common shares; this may have a negative impact on the liquidity of and the market price for our common shares


As of the date hereof, shareholders reported as each controlling 5% or more of our common shares will, in the aggregate, hold approximately 59.3% of our common shares. The limited free float may have a negative impact on the liquidity of our common shares and result in a low trading volume of our common shares, which could adversely affect the price of our common shares.


Certain of our existing shareholders exercise significant control over us, and your interests may conflict with the interests of our existing shareholders.



© AC Immune 2015