iCAD, Inc. (Nasdaq: ICAD), an industry-leading provider of advanced image analysis, workflow solutions and radiation therapy for the early identification and treatment of cancer, today announced the effectiveness of a one-for-five reverse stock split of its common stock. The reverse stock split was approved by its shareholders at the Annual Shareholder meeting of the Company held on May 22, 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 ratio of the split within a range of not less than 1-for-2 or greater than 1-for-6. The Board of Directors has determined to fix the ratio for the reverse stock split at 1-for-5.
The reverse stock split is intended to increase the per share trading price of the Company’s common shares to satisfy the $1.00 minimum bid price requirement for continued listing on the NASDAQ Capital Market. As a result of the reverse stock split, every five common shares issued and outstanding prior to the opening of trading on August 16, 2012 will be consolidated into one issued and outstanding share. No fractional common shares will be issued as a result of the reverse stock split and any fractional shares will be paid in cash to the shareholder in lieu of such fractional share.
Trading of the Company’s common shares on the NASDAQ Capital Market will continue, on a split-adjusted basis, with the opening of the market on Thursday, August 16, 2012, under new CUSIP number 44934S 206. Immediately subsequent to the reverse stock split, there will be approximately 11.0 million of the Company’s common shares issued and 10.8 million of the Company’s common shares outstanding.
The Company has retained its transfer agent, Continental Stock Transfer & Trust Company, LLC (“CST”), to act as its exchange agent for the reverse split. CST will provide shareholders of record as of the effective date a letter of transmittal providing instructions for the exchange of their certificates. Shareholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers’ particular processes, and will not be required to take any action in connection with the reverse stock split.
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 Plus 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