Entering text into the input field will update the search result below

Cardium Therapeutics, Inc. (CXM) Effects 1-for-20 Reverse Split

Jul. 18, 2013 2:11 PM ETCXM-OLD
MissionIR profile picture
MissionIR's Blog
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Small cap

Seeking Alpha Analyst Since 2010

We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices. It is our unwavering commitment to connect the investment community with companies that have great potential and a strong dedication to building shareholder value. View our website at www.MissionIR.com MissionIR provides investor relations services to publicly traded companies in exchange for compensation. The content we provide via Seeking Alpha may be part of our efforts to widen a client’s exposure. To read our full disclaimer, visit http://disclaimer.missionir.com.

Cardium Therapeutics, an asset-based health sciences and regenerative medicine company, announced a 1-for-20 reverse split of the company's issued and outstanding common stock, effective today at market open, reducing the number of issued and outstanding common shares to approximately 6.5 million. The number of authorized shares and the par value per share of common stock will remain unchanged.

Cardium's common stock will trade under new CUSIP number 141916304, but will maintain its trading symbol, CXM. No fractional shares of common stock will be issued as a result of the reverse stock split and shareholders of record will receive cash in lieu of fractional shares to which they would otherwise be entitled, based upon the price of the company's common stock at close of market July 17, 2013.

Shareholders who hold their Cardium stock in certificated form will receive correspondence from Computershare Trust Company regarding the exchange of outstanding stock certificates into new certificates or book entry form.

Cardium said it has filed an amendment to its Restated Articles of Incorporation to effect the reverse stock split, which was authorized by stockholders at the company's annual shareholder meeting earlier this month. The reverse stock split was a condition of the April 2013 securities purchase agreement which was also approved by stockholders at the initial annual meeting of stockholders.

Cardium anticipates completing the second closing of the remaining 1,656 shares of Series A convertible preferred stock under the registered direct offering for gross proceeds of approximately $1.7 million.

For more information, visit www.cardiumthx.com

Please see disclaimer on the MissionIR website

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.