XOMA (XOMA) Plans 1-for-20 Reverse Stock Split
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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.
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