NEW YORK, June 3, 2013 /PRNewswire/ -- Ohr Pharmaceutical, Inc. (OTCQB: OHRP), a pharmaceutical company focused on the development of novel therapeutics for large unmet medical needs, today announced a 1-for-3 reverse split of the Company's issued and outstanding common stock. The reverse stock split will be effective prior to the stock market opening on Monday, June 3, 2013.
"We have elected a reverse stock split to allow Ohr to meet the listing requirements of the NASDAQ Capital Market," said Dr. Irach Taraporewala, CEO of Ohr. "We believe that a listing on NASDAQ can provide benefit to our stockholders by improving liquidity and increasing the appeal of our stock to institutional investors."
Each stockholder's percentage ownership interest in Ohr and the proportional voting power remains unchanged after the reverse stock split. In addition, the rights and privileges of the holders of Ohr common stock are unaffected by the reverse stock split. This reverse stock split will be effected pursuant to an Amendment to the Company's Certificate of Incorporation filed with the State of Delaware.
In the reverse stock split, every three shares of issued and outstanding common stock will be converted into one share of common stock, with all fractional shares being rounded up to the nearest whole share. The reverse stock split will reduce the number of shares of issued and outstanding common stock from 57,970,449 pre-split to approximately 19.3 million post-split. Proportional adjustments will be made to Ohr's outstanding preferred stock, warrants and stock options.The Company's ticker symbol will remain unchanged, although a "D" will be placed at the end of the OHRP ticker symbol (OHRPD) for 20 business days to alert the public about the reverse stock split. The Company's common stock will also be identified under a new CUSIP number (67778H200).