Cascadian Therapeutics (CASC) Approves 1-for-6 Reverse Stock Split
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Cascadian Therapeutics, Inc. (NASDAQ: CASC), a clinical-stage biopharmaceutical company, today announced that at a special meeting held on November 18, 2016, stockholders voted to approve a proposal authorizing the board of directors of the Company to effect a reverse stock split of the Company’s outstanding common shares at a ratio of 1-for-6, and a reduction in the number of authorized shares of common stock from 200.0 million shares to 66.7 million shares. The Company believes the change in authorized shares will provide sufficient capacity to support its programs. Cascadian’s board of directors had previously directed that the proposal be submitted to the stockholders for approval and has subsequently determined that the reverse stock split will take effect on November 29, 2016. Beginning at the opening of trading on November 29, 2016, the Company’s common stock will trade on a split-adjusted basis.
“We appreciate the support of our stockholders in granting our board the authority to effect a reverse split that was set in motion several weeks ago,” said Scott Myers, President and CEO of Cascadian Therapeutics. “As we are focused on driving the late-stage development of tucatinib (ONT-380) for HER2-positive metastatic breast cancer, with and without brain metastases, the execution of a reverse stock split supports a per share valuation for Cascadian that is more in line with our peers. We believe this action will make our stock more attractive to a wider range of institutional investors, benefiting all stockholders.”
Upon the effectiveness of the reverse stock split, every six shares of the Company’s issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock. The reverse stock split will not affect any stockholder’s ownership percentage of the Company’s common stock.
At the market open on November 29, 2016, the Company’s common stock will continue to trade on The Nasdaq Global Market under the symbol “CASC,” but will be assigned a new CUSIP number (14740B 606) and will trade on a split-adjusted basis.
Computershare, the Company’s transfer agent, will provide instructions to registered stockholders regarding the process for exchanging their stock certificates. Stockholders holding their shares in street name do not need to take any action. Additional information regarding the reverse stock split approved by stockholders can be found in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on October 14, 2016.
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