KOOL’s Board of Directors has unanimously approved a reverse split of its common stock at a ratio of 1 new share for each 4 existing shares, effective on 8/26/10. The reverse stock split will apply to all shares of its common stock issued and outstanding, plus all outstanding stock options, restricted stock and the number of shares of common stock available for issuance under the approved stock plans.
KOOL’s reverse split may enable it to meet the continued listing rules of the NASDAQ Capital Market and could serve to improve the marketability and liquidity of its common stock over the long term.
As announced on 7/19/10, KOOL expects revenues for Q4/10 to be approximately $7.3 M. This represents an increase of more than $2 M or 53% versus the prior quarter. KOOL also announced they expects to report a small net loss for Q4/10 in the range of $150,000 and $450,000, subject to final audit adjustments