NexMed (NEXM) Announces 15-for-1 Reverse Split
On June 16, 2010, NexMed, Inc. (Nasdaq: NEXM) amended its Amended and Restated Articles of Incorporation by filing a Certificate of Change pursuant to Nevada Revised Statutes 78.209 with the Nevada Secretary of State. The Certificate of Change was filed in connection with a 15-for-1 reverse split of the Company’s issued and outstanding common stock, par value $0.001 per share, and a proportional decrease in the number of shares of the Company’s authorized common stock.
The Reverse Split will become effective at 12:01 a.m., Eastern time, on June 21, 2010 (the “Effective Time”), and the Company’s common stock will commence trading on a split-adjusted basis on The Nasdaq Capital Market when the market opens on June 21, 2010. The common stock will continue to trade under the ticker symbol “NEXM”, although the letter “D” will be temporarily appended to the ticker symbol for twenty trading days following the Reverse Split. At the Effective Time, each fifteen (15) shares of the Company’s common stock issued and outstanding immediately prior to the Effective Time will be automatically reclassified as and converted into one (1) share of the Company’s common stock, par value $0.001 per share. Further, the total number of authorized shares of common stock of the Company will be decreased from 270,000,000 shares of common stock to 18,000,000 shares of common stock. Because the number of authorized shares of common stock are being proportionately reduced, no shareholder vote was required under applicable law to effect the Reverse Split. Any fractional share interest that would otherwise result from the Reverse Split will be rounded up to the nearest whole share. As a result, no fractional shares will be issued in connection with the Reverse Split, nor will any cash payments be made in respect of any fractional share interests.
The Reverse Split will become effective at 12:01 a.m., Eastern time, on June 21, 2010 (the “Effective Time”), and the Company’s common stock will commence trading on a split-adjusted basis on The Nasdaq Capital Market when the market opens on June 21, 2010. The common stock will continue to trade under the ticker symbol “NEXM”, although the letter “D” will be temporarily appended to the ticker symbol for twenty trading days following the Reverse Split. At the Effective Time, each fifteen (15) shares of the Company’s common stock issued and outstanding immediately prior to the Effective Time will be automatically reclassified as and converted into one (1) share of the Company’s common stock, par value $0.001 per share. Further, the total number of authorized shares of common stock of the Company will be decreased from 270,000,000 shares of common stock to 18,000,000 shares of common stock. Because the number of authorized shares of common stock are being proportionately reduced, no shareholder vote was required under applicable law to effect the Reverse Split. Any fractional share interest that would otherwise result from the Reverse Split will be rounded up to the nearest whole share. As a result, no fractional shares will be issued in connection with the Reverse Split, nor will any cash payments be made in respect of any fractional share interests.
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