This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,088.81 +2.18 0.01%
S&P 500 1,989.67 +2.66 0.13%
NASDAQ 4,478.8980 +5.2010 0.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs