Cardica Announces 1-for-10 Reverse Stock Split
February 17 2016 - 8:00AM
Cardica, Inc. (Nasdaq:CRDC) today announced a one-for-ten reverse
stock split of its common stock, effective as of 12:01 a.m. Eastern
Time on February 17, 2016. Beginning at the opening of trading on
February 17, 2016, Cardica’s common stock will begin trading on a
split adjusted basis, and the number of common shares outstanding
will be decreased from 89 to 8.9 million shares.
The primary purpose of the reverse split is to enable the market
price per-share of Cardica’s common stock to close above $1.00,
which is a continued listing requirement of The NASDAQ Capital
Market®. The NASDAQ Capital Market granted Cardica the ability to
regain compliance by effecting the reverse stock split. Cardica’s
common stock must close above $1.00 for ten consecutive trading
days by March 10, 2016 in order to maintain its listing
requirements.
Cardica’s stock will continue to trade on the NASDAQ Capital
Market under the symbol “CRDC” although it is expected that the
letter “D” will be appended to the ticker symbol for approximately
twenty (20) trading days to indicate the completion of the reverse
stock split. In addition, the common stock will trade under a new
CUSIP number 14141R309 following the reverse split.
Upon the effective date of the reverse stock split, every 10
shares of Cardica common stock outstanding automatically combine
into one (1) new share of common stock. Holders of common stock
that would otherwise receive a fractional share of common stock
pursuant to the reverse stock split will receive cash in lieu of
the fractional share. The reverse stock split will affect all
Cardica stockholders uniformly and will not affect any
stockholder’s percentage ownership interests in Cardica.
Stockholders who hold their shares in electronic form at a
brokerage firm need not take action as the shares will
automatically be adjusted to reflect the reverse stock split.
Beneficial holders may contact their bank, broker or nominee for
more information. Stockholders holding physical certificates may
(but are not required to), send their certificates to Cardica’s
transfer agent at the address given below for reissuance in
post-split form. Cardica’s transfer agent, Computershare Investor
Services, will act as the exchange agent for this reverse stock
split and will issue a new stock certificate reflecting the terms
of the reverse stock split to each stockholder who submits a
physical stock certificate with instructions for reissuance.
Mail: |
Overnight: |
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Computershare, Inc. |
Computershare, Inc. |
PO Box 43014 |
250 Royall St. |
Providence RI 02940-3014 |
Canton MA 02021 |
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Phone: |
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1 800 546-5141 |
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1 781 575-2765 |
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Additional information regarding the reverse stock split can be
found in Cardica’s definitive proxy statement (Form DEF 14A), filed
with the SEC on December 28, 2015, posted in the "Investors"
section of Cardica’s website at www.Cardica.com.
About Cardica
Cardica designs and manufactures proprietary stapling and
anastomotic devices for cardiac and minimally invasive surgical
procedures. Cardica's technology portfolio is intended to
reduce operating time and facilitate minimally invasive and
robot-assisted surgeries. Cardica’s MicroCutter XCHANGE® 30, that
includes a cartridge-based articulating surgical stapling device
with a five-millimeter shaft diameter and staples, is manufactured
and cleared for use in the United States for transection and
resection in multiple open or minimally invasive urologic, thoracic
and pediatric surgical procedures, as well as application for
transection, resection and/or creation of anastomoses in the small
and large intestine and the transection of the appendix. The
MicroCutter XCHANGE 30 white cartridge staple has application in
vascular tissue. In addition, Cardica manufactures and markets
its automated anastomosis systems, the C-Port® Distal Anastomosis
Systems and PAS-Port® Proximal Anastomosis System for coronary
artery bypass graft (CABG) surgery, and has shipped over 57,500
units throughout the world.
Bob Newell
Vice President, Finance and Chief Financial Officer
(650) 331-7133
investors@cardica.com