Cesca Therapeutics Announces 1-for-20 Reverse Split Of Common Stock

Trading on a Post-Split Basis is Scheduled to Begin March 7, 2016

RANCHO CORDOVA, Calif., March 04, 2016 (GLOBE NEWSWIRE) -- Cesca Therapeutics Inc. (Nasdaq: KOOL), an autologous cell-based regenerative medicine company, has amended its Certificate of Incorporation to reflect a 1-for-20 reverse stock split effective 5:00pm PST on March 4, 2016.

Computershare, the Company’s transfer agent, is acting as the exchange agent for the reverse split.Stockholders of record as of close of business on March 4, 2016 will receive the forms and notices to exchange their existing shares for the new shares from the exchange agent, or from their bank, broker or other nominee holder. Stockholders will not receive fractional shares in connection with the reverse stock split.Instead, stockholders who would otherwise be entitled to receive fractional shares of Common Stock are entitled to receive one whole share of new Common Stock for the fractional share interest.

Stockholders who hold stock certificates evidencing their shares of Cesca Therapeutics Inc. Common Stock are advised that they should not send in their stock certificates until they receive a letter of transmittal, which will contain detailed instructions for exchanging their existing stock certificates.After the reverse stock split, the Company’s Common Stock has a new CUSIP number 157131202, but the par value and other terms of the Common Stock were not affected by the reverse stock split.

The Company expects that the split-adjusted shares of its Common Stock will begin trading on The Nasdaq Capital Market at the open of the market on March 7, 2016. Nasdaq has informed the Company that no change will be made to the symbol “KOOL” in connection with the reverse stock split.

The Company’s Board of Directors implemented the reverse split with the objective of regaining compliance with the $1 minimum bid price listing maintenance requirements of The Nasdaq Capital Market. The Company has until March 28, 2016 to comply with the requirement.The reverse split also will have the effect of increasing the number of shares of Common Stock available for issuance by the Company. The Company’s stockholders approved the reverse split at the annual meeting of stockholders.

1 2
View single page >> |

Disclosure: None

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.