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PURE Bioscience, Inc. (NASDAQ:PURE), the creator of the patented silver dihydrogen citrate (SDC) antimicrobial, today announced it has finalized a reverse stock split. As previously announced in a news release dated August 1, 2012, Pure Bioscience’s stockholders approved a reverse stock split at the Company’s annual meeting of stockholders convened July 31, 2012. The Company’s Board of Directors was authorized to proceed with an amendment to the Company’s Certificate of Incorporation to effect a reverse stock split and determine the effective date of the reverse split and the ratio of the split within a range of no less than 1-for-4 or greater than 1-for-10.
The Board of Directors has determined to fix the ratio for the reverse stock split at 1-for-8, with an expected effective date to be following the close of the market today, and trading on a post-reverse split-adjusted basis on the NASDAQ Capital Market to begin as of the opening of trading on August 15, 2012. The Company’s common stock will continue to be reported on the NASDAQ Capital Market under the symbol “PURE” (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 (74621T 209) upon the reverse stock split becoming effective.
Upon the effectiveness of the reverse stock split, each eight (8) shares of the Company’s issued and outstanding common stock will be automatically combined and converted into one (1) issued and outstanding share of common stock, par value $0.01 per share. The reverse stock split will affect all issued and outstanding shares of the Company’s common stock, as well as common stock underlying stock options, warrants, and convertible notes outstanding immediately prior to the effectiveness of the reverse stock split. The reverse stock split will reduce the number of outstanding shares of the Company’s common stock currently outstanding from approximately 57.8 million to approximately 7.2 million. The number of authorized shares of the Company’s common stock will not be affected by the reverse stock split.