Cardium Therapeutics, Inc. (CXM) Effects 1-for-20 Reverse Split
Small cap
Seeking Alpha Analyst Since 2010
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
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