Arrowhead Research (ARWR) Announces Plans for 1-for-10 Reverse Stock Split
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Arrowhead Research Corporation (NASDAQ: ARWR) today announced the implementation of a 1-for-10 reverse stock split of its common stock. Trading on a post-split basis will begin November 17, 2011 at market open. The reverse stock split was proposed by the Company’s Board of Directors and approved by Arrowhead stockholders at the 2011 Annual Meeting of Shareholders held on August 8, 2011.
Upon the effectiveness of the reverse split, each ten shares of the Company’s issued and outstanding common stock will be automatically combined into one share of the Company’s common stock. The reverse split will affect all issued and outstanding shares of the Company's common stock, as well as common stock underlying stock options, warrants, Series A Preferred Stock and any common stock based equity grants outstanding immediately prior to the effectiveness of the reverse split. No fractional shares of common stock will be issued in connection with the reverse split. Stockholders will instead receive cash payment in lieu of any fractional shares.
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Upon the effectiveness of the reverse split, each ten shares of the Company’s issued and outstanding common stock will be automatically combined into one share of the Company’s common stock. The reverse split will affect all issued and outstanding shares of the Company's common stock, as well as common stock underlying stock options, warrants, Series A Preferred Stock and any common stock based equity grants outstanding immediately prior to the effectiveness of the reverse split. No fractional shares of common stock will be issued in connection with the reverse split. Stockholders will instead receive cash payment in lieu of any fractional shares.
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