Rosetta Genomics (ROSE) Approves One-for-Fifteen Reverse Split
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Rosetta Genomics Ltd. (Nasdaq: ROSG), announced the effectiveness of a one-for-fifteen reverse stock split of its share capital. The reverse stock split, which was previously approved by the Company's Board of Directors, was approved by its shareholders at an Extraordinary General Meeting of Shareholders of the Company held earlier today.
The reverse stock split is intended to increase the per share trading price of the Company's ordinary shares to satisfy the $1.00 minimum bid price requirement for continued listing on the NASDAQ Capital Market. As a result of the reverse stock split, every fifteen ordinary shares issued and outstanding prior to the opening of trading on May 15, 2012 will be consolidated into one issued and outstanding share, with a change in the nominal par value per share from NIS 0.04 to NIS 0.6. No fractional ordinary shares will be issued as a result of the reverse stock split and any fractional shares will be rounded up to the nearest whole number.
Trading of the Company's ordinary shares on the NASDAQ Capital Market will continue, on a split-adjusted basis, with the opening of the markets on Tuesday, May 15, 2012, under new CUSIP number M82183126. Immediately subsequent to the reverse stock split, there will be approximately 1,241,874 of the Company's ordinary shares issued and 1,238,642 of the Company's ordinary shares outstanding.
The Company has retained its transfer agent, American Stock Transfer & Trust Company, LLC ("AST"), to act as its exchange agent for the reverse split. AST will provide shareholders of record as of the effective date a letter of transmittal providing instructions for the exchange of their certificates. Shareholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers' particular processes, and will not be required to take any action in connection with the reverse stock split.
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The reverse stock split is intended to increase the per share trading price of the Company's ordinary shares to satisfy the $1.00 minimum bid price requirement for continued listing on the NASDAQ Capital Market. As a result of the reverse stock split, every fifteen ordinary shares issued and outstanding prior to the opening of trading on May 15, 2012 will be consolidated into one issued and outstanding share, with a change in the nominal par value per share from NIS 0.04 to NIS 0.6. No fractional ordinary shares will be issued as a result of the reverse stock split and any fractional shares will be rounded up to the nearest whole number.
Trading of the Company's ordinary shares on the NASDAQ Capital Market will continue, on a split-adjusted basis, with the opening of the markets on Tuesday, May 15, 2012, under new CUSIP number M82183126. Immediately subsequent to the reverse stock split, there will be approximately 1,241,874 of the Company's ordinary shares issued and 1,238,642 of the Company's ordinary shares outstanding.
The Company has retained its transfer agent, American Stock Transfer & Trust Company, LLC ("AST"), to act as its exchange agent for the reverse split. AST will provide shareholders of record as of the effective date a letter of transmittal providing instructions for the exchange of their certificates. Shareholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers' particular processes, and will not be required to take any action in connection with the reverse stock split.
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