BioSante Pharmaceuticals Announces Reverse Stock Split In Order To Maintain NASDAQ Listing
BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) announced today that it intends to effect a reverse split of its common stock and class C special stock at a ratio of 1-for-6. The reverse stock split will become effective at 5:00 p.m. EDT on Friday, June 1, 2012. BioSante’s common stock will begin trading on The NASDAQ Global Market on a split-adjusted basis when the market opens on Monday, June 4, 2012. At an annual meeting of stockholders held on May 30, 2012, BioSante’s stockholders, by an affirmative vote of at least a majority of the outstanding shares and approximately 80 percent of the votes cast, granted to the Board of Directors the authority to effect a reverse stock split, determine the exact split ratio so long as it is not less than 1-for-2 and not more than 1-for-10 and proceed with the reverse stock split, in the Board’s discretion.
At the effective time of the reverse stock split, every six shares of BioSante’s issued and outstanding common stock and class C special stock will be converted automatically into one issued and outstanding share of common stock or class C special stock, as applicable, without any change in the par value per share. The reverse stock split will reduce the number of shares of BioSante’s common stock outstanding from approximately 120.8 million shares to approximately 20.1 million shares. Proportional adjustments will be made to the number of shares of BioSante’s common stock issuable upon exercise or conversion of BioSante’s outstanding warrants, stock options, shares of class C special stock and 3.125% senior convertible notes due May 1, 2013, as well as the applicable exercise or conversion price. BioSante’s authorized shares will remain unchanged.
The purpose of the reverse stock split is to raise the per share trading price of BioSante’s common stock to regain compliance with the $1.00 per share minimum bid price requirement for continued listing of BioSante’s common stock on The NASDAQ Global Market. As previously disclosed, in order to maintain BioSante’s listing on The NASDAQ Global Market, on or before July 30, 2012, the common stock must have a minimum closing bid price of $1.00 per share for a minimum of 10 prior consecutive trading days. There can be no assurance that the reverse stock split will have the desired effect of raising the closing bid price of BioSante’s common stock prior to July 30, 2012 to meet this requirement.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV