Nabi Biopharmaceuticals Effects Reverse Stock Split, Announces Completion of Biota Merger
Nabi Biopharmaceuticals (NASDAQ: NABI) announced today the effectiveness of its six-to-one reverse stock split (the "Reverse Stock Split") of Nabi common stock, which became effective as of 4:59 p.m., Eastern Standard Time, on November 8, 2012 (the "Effective Time"). Nabi also announced today the closing of the business combination transaction (the "Transaction") between Nabi and Biota Holdings Limited (ASX:BTA.AX) (which occurred after the Effective Time) and a final, split adjusted, exchange ratio of 0.1249539870 of a share of Nabi common stock for each Biota ordinary share. In addition, Nabi's corporate name was changed to Biota Pharmaceuticals, Inc. in connection with the closing of the Transaction. Shares of common stock of the combined company, Biota Pharmaceuticals, Inc., will begin trading on the NASDAQ Global Select Market on a reverse split adjusted basis at the opening of trading on November 9, 2012 under a new CUSIP number under the new symbol "BOTA".
Upon the effectiveness of the Reverse Stock Split, every six shares of issued and outstanding Nabi common stock were automatically combined into one issued and outstanding share of Nabi common stock without any change in the par value per share, rights and preferences of,