StemCells (STEM) Shareholders Approve 1-for-12 Reverse Stock Split
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StemCells, Inc. (Nasdaq: STEM) announced that at its annual stockholders meeting held on May 5, 2016, the Company's stockholders voted to approve a reverse stock split of the Company's common stock at a ratio of 1-for-12. Trading of the Company's common stock on the NASDAQ Capital Market will continue, on a split-adjusted basis, with the opening of the markets on Monday, May 9, 2016, under the existing trading symbol "STEM" and a new CUSIP number 85857R 303.
The reverse stock split was implemented by the Company as the most appropriate way to address the Nasdaq listing requirements. In addition, the reverse split is expected to increase the available shares of common stock for future issuance enabling the Company to raise the required capital to complete our ongoing clinical efforts and over time grow our business. Finally, the higher stock price should make our shares more appealing for the financial community, including institutional investors, and the general investing public. As a result of the reverse stock split, every twelve shares of the Company's common stock issued and outstanding on the effective date will be combined into one issued and outstanding share.
The reverse stock split will reduce the number of shares of the Company’s outstanding common stock from approximately 140 million to approximately 11.6 million. Fractional shares will be rounded up to the nearest whole share and proportional adjustments will be made to the Company's outstanding stock options, warrants and equity incentive plans.
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