Stereotaxis Announces 1-for-10 Reverse Stock Split
Stereotaxis, Inc. (NASDAQ: STXS) announced that at a Special Meeting of Stockholders held today, the Company's stockholders approved an amendment to the Company's Certificate of Incorporation to effect a reverse split of the Company's common stock, $0.001 par value per share, and authorized the Company's Board of Directors to determine the ratio (within a range of 1-for-4 to 1-for-10) and the effective date of the reverse stock split. The reverse stock split proposal was approved by a vote of, over 60% of the outstanding shares, and of the shares represented at the meeting, nearly 94% voted in favor of the proposal.
The Board of Directors determined to fix the ratio for the reverse stock split at 1-for-10, with an effective date to be July 10, 2012 and trading on a post-reverse split-adjusted basis on the NASDAQ Global Market to begin as of the opening of trading on July 11, 2012. The purpose of the reverse split is to raise the per share trading price of Stereotaxis' common stock to regain compliance with the $1.00 per share minimum bid price requirement for continued listing on The Nasdaq Global Market. However, there can be no assurance this desired effect will occur or be maintained.
The common stock will continue to be reported on the Nasdaq Global Market under the symbol "STXS" (although Nasdaq will likely add the letter "D" to the end of the trading symbol for a period of 20 trading days to indicate that the reverse stock split has occurred). The common stock will have a new CUSIP number upon the reverse stock split becoming effective.
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