XOMA (XOMA) Plans 1-for-20 Reverse Stock Split
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
XOMA Corporation (Nasdaq: XOMA), a leader in the discovery and development of therapeutic antibodies, today announced that, at a special meeting of the Company's stockholders held on October 14, 2016, its stockholders voted to approve a reverse stock split of the Company’s issued and outstanding common stock. XOMA’s Board of Directors then determined that the split would be at a ratio of 1-for-20. Upon the effectiveness of the reverse stock split, every 20 shares of XOMA common stock will be converted into 1 share of common stock. No fractional shares will be issued in connection with the reverse stock split. A stockholder who otherwise would have been entitled to receive a fractional share of stock as a result of the reverse stock split will instead receive cash in lieu of fractional shares.
The reverse stock split is intended to enable XOMA to regain compliance with the $1.00 minimum bid price required for continued listing on the NASDAQ Global Market and help increase shareholder interest in our stock.
The reverse stock split will affect all stockholders uniformly and will not affect any stockholder's ownership percentage of XOMA’s shares (except to the extent that the reverse stock split would result in some of the stockholders receiving cash in lieu of fractional shares).
Well Fargo Shareowner Services, XOMA’s transfer agent, will provide instructions to stockholders regarding the process for exchanging their shares and stock certificates. Additional information regarding the reverse stock split approved by stockholders can be found in XOMA’s definitive proxy statement filed with the Securities and Exchange Commission on September 12, 2016.
The Company expects the reverse stock split to become effective at 5:00 p.m. EDT on Monday, October 17, 2016. When the market opens on Tuesday, October 18, 2016, XOMA’s common stock will begin trading on the NASDAQ Global Market on a split-adjusted basis.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Caterpillar (CAT) Offers FY17 Guidance Update at Credit Suisse Conference
- VAALCO Energy (EGY) Receives NYSE Listing Notification
- UPDATE: Global Eagle Entertainment (ENT) to Obtain New Credit Facilities; Company in Discussions to Acquire Related Business, Satellite Transponders
Create E-mail Alert Related CategoriesCorporate News, Stock Splits
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!