BioSante Pharmaceuticals Announces Reverse Stock Split In Order To Maintain NASDAQ Listing
Information for BioSante Stockholders
Upon execution of the reverse split, BioSante stockholders will receive one new share of BioSante common stock or class C special stock, as applicable, for every six shares held. Record holders of BioSante common stock will receive a letter of transmittal shortly after the effective date with instructions for the exchange of existing stock certificates for book-entry shares representing the post-reverse split shares. Stockholders with shares in brokerage accounts will be contacted by their brokers with instructions. Computershare Investor Services, LLC, the transfer agent and registrar for BioSante common stock, will act as the exchange agent, and can be contacted at (800) 546-5141 (domestic holders) or 1-781-575-2765 (international holders). Record holders of BioSante class C special stock will receive a letter of transmittal from BioSante shortly after the effective date with instructions for the exchange of existing stock certificates for new stock certificates representing the post-reverse split shares.
BioSante will not issue fractional shares as a result of the reverse stock split. Stockholders who otherwise would be entitled to receive fractional shares will receive a cash payment in lieu of such fraction.
For more information on the reverse stock split, please refer to BioSante’s proxy materials for its most recently held annual meeting of stockholders which can be accessed through BioSante’s website at http://www.biosantepharma.com/SEC-Filings.php.Information for Holders of 3.125% Convertible Senior Notes due May 1, 2013 Upon execution of the reverse stock split, the conversion price of BioSante’s outstanding 3.125% convertible senior notes due May 1, 2013 will be adjusted automatically from $3.72 per share to $22.32 per share. As a result, the $11,782,000 aggregate principal amount outstanding of such notes will be convertible into an aggregate of 527,867 shares of BioSante common stock at the option of the holder or upon certain specified events.
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