CytRx: Regroupement (1 pour 7) (Jeu The Bull)

par jmp , Boulogne/Mer, mercredi 16 mai 2012, 22:31 (il y a 4577 jours)
édité par jmp, mercredi 16 mai 2012, 22:35

update cotations12 set cote=round(cote * 7,4) where valeur = 127 and jour < '2012-05-16';

CytRx Announces Reverse Stock Split

Stock will begin trading on a split-adjusted basis on May 16, 2012

LOS ANGELES--(BUSINESS WIRE)--May. 15, 2012-- CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical company specializing in oncology, today announced a reverse split of its common stock at a ratio of 1-for-7. CytRx's common stock will begin trading on NASDAQ on a split-adjusted basis when the market opens on May 16, 2012. The Company's Board of Directors unanimously approved the reverse split following stockholder approval, which was announced at the Company's 2012 Annual Meeting of Stockholders held May 14, 2012.

The reverse split will reduce the number of outstanding shares of the Company's common stock from approximately 149.1 million shares to approximately 21.3 million shares. Fractional shares as a result of the reverse stock split will be rounded up to the next whole number. Proportional adjustments will be made to CytRx's outstanding warrants and stock options. The Company's authorized shares will remain unchanged.

The purpose of the reverse stock split is to raise the per share trading price of the Company's common stock to regain compliance with the minimum $1.00 continued listing requirement for the listing of its common stock on The NASDAQ Capital Market. As previously announced, in order to maintain the Company's listing on NASDAQ, on or before May 30, 2012, the Company's common stock must have a closing bid price of $1.00 or more 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 the Company's common stock prior to May 30, 2012, to meet this requirement.

Information for Stockholders

Upon execution of the reverse split, CytRx shareholders will receive one new share of CytRx common stock for every seven shares held. Record holders of CytRx common stock will receive a letter of transmittal shortly after May 16, 2012, the effective date, with instructions for the exchange of stock certificates. Stockholders with shares in brokerage accounts will be contacted by their brokers with instructions. American Stock Transfer and Trust Company, LLC will act as the exchange agent, and can be contacted at (877) 248-6417 or (718) 921-8317.

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jean-marie