NovaBay Pharma (NBY) Board Approves 1-for-25 Rever
Post# of 23083
Posted On: 12/15/2015 7:37:13 AM
NovaBay Pharma (NBY) Board Approves 1-for-25 Reverse Split
December 14, 2015 6:30 AM
NovaBay® Pharmaceuticals, Inc. (NYSE: NBY) announced that, pursuant to authorization provided by the Company’s stockholders at the Company’s December 11, 2015, special stockholder meeting, and in order to meet the continued listing standards of the NYSE MKT, the Company’s Board of Directors (the “Board”) has approved the filing of an amendment to the Company’s Amended and Restated Certificate of Incorporation, as amended, to effect a 1-for-25 reverse stock split of all outstanding common stock shares of the Company. The Company anticipates that the 1-for-25 reverse stock split will be effective as of 4:30 p.m. Eastern Standard Time on Friday, December 18, 2015 (the “Effective Date”), and the Company’s common stock will begin trading on a split-adjusted basis on Monday, December 21, 2015.
The effect of the reverse stock split will be to combine each twenty-five (25) shares of outstanding Company common stock into one (1) new share, with no change in authorized shares or par value per share, and to reduce the number of common stock shares outstanding from approximately 87,138,547 shares to approximately 3,485,541 shares (prior to rounding). Proportional adjustments will be made to the conversion and exercise prices of the Company’s outstanding warrants and stock options, and to the number of shares issued and issuable under the Company's stock incentive plans. The reverse stock split will not affect any stockholder’s ownership percentage of the Company’s common stock, except to the limited extent that the reverse stock split would result in any stockholder owning a fractional share. The Company will not issue fractional certificates for post-reverse stock split shares in connection with the reverse stock split; rather, the Company will issue an additional share to all holders of fractional shares.
December 14, 2015 6:30 AM
NovaBay® Pharmaceuticals, Inc. (NYSE: NBY) announced that, pursuant to authorization provided by the Company’s stockholders at the Company’s December 11, 2015, special stockholder meeting, and in order to meet the continued listing standards of the NYSE MKT, the Company’s Board of Directors (the “Board”) has approved the filing of an amendment to the Company’s Amended and Restated Certificate of Incorporation, as amended, to effect a 1-for-25 reverse stock split of all outstanding common stock shares of the Company. The Company anticipates that the 1-for-25 reverse stock split will be effective as of 4:30 p.m. Eastern Standard Time on Friday, December 18, 2015 (the “Effective Date”), and the Company’s common stock will begin trading on a split-adjusted basis on Monday, December 21, 2015.
The effect of the reverse stock split will be to combine each twenty-five (25) shares of outstanding Company common stock into one (1) new share, with no change in authorized shares or par value per share, and to reduce the number of common stock shares outstanding from approximately 87,138,547 shares to approximately 3,485,541 shares (prior to rounding). Proportional adjustments will be made to the conversion and exercise prices of the Company’s outstanding warrants and stock options, and to the number of shares issued and issuable under the Company's stock incentive plans. The reverse stock split will not affect any stockholder’s ownership percentage of the Company’s common stock, except to the limited extent that the reverse stock split would result in any stockholder owning a fractional share. The Company will not issue fractional certificates for post-reverse stock split shares in connection with the reverse stock split; rather, the Company will issue an additional share to all holders of fractional shares.
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