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SUBSEQUENT EVENTS
6 Months Ended
Sep. 30, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

11. SUBSEQUENT EVENTS

 

Management has evaluated events subsequent to September 30, 2023 through the date that the accompanying consolidated financial statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustment of and/or disclosure in such financial statements.

 

Reverse Split – Following the approval of a reverse stock split at our Annual Stockholders’ Meeting held on September 15, 2023, our Board of Directors approved a 1-for-10 reverse stock split or our outstanding shares of Common Stock, effective as of the close of business on October 4, 2023. Accordingly, each 10 shares of outstanding common stock held by stockholders were combined into one share of common stock. Our authorized common stock remained at 60,000,000 shares following the stock split. As the result of the rounding up of fractional shares related to the reverse split, we have issued an additional 32 shares to our stockholders.

 

Management/Board Changes – Effective November 7, 2023, James B. Frakes, MBA, Chief Financial Officer of Aethlon, was appointed as Interim Chief Executive Officer of the Company, replacing Charles J. Fisher, Jr. M.D.  Mr. Frakes also was appointed as a member of the Board of Directors.   Mr. Frakes will additionally remain as Chief Financial Officer of the Company.  Effective as of November 7, 2023, Guy Cipriani, MBA, formerly Chief Business Officer of the Company, was appointed as the Company’s Chief Operating Officer and resigned from the Company’s Board of Directors.