Anthera Pharmaceuticals Announces 1-for-8 Reverse Split of Stock
April 28 2017 - 4:00PM
Anthera Pharmaceuticals, Inc. (Nasdaq:ANTH) announced today
that it has filed a Certificate of Amendment to its Amended and
Restated Certificate of Incorporation to effect a 1-for-8 reverse
stock split of its common stock, effective as of April 28, 2017 at
5:00 p.m. Eastern Time. A Certificate of Amendment to effect
a reverse stock split was approved by the Company’s stockholders at
its Annual Meeting of Stockholders held on April 27, 2017, and the
specific 1-for-8 ratio was subsequently approved by the Company’s
Board of Directors.
At the effective time of the reverse stock split, every eight
(8) shares of the Company’s issued and outstanding common
stock will be automatically converted into one (1) issued and
outstanding share of common stock, without any change in par value
per share. The reverse stock split will affect all shares of
the Company’s common stock outstanding immediately prior to the
effective time of the reverse stock split, as well as the number of
shares of common stock available for issuance under the Company’s
equity incentive plans. In addition, the reverse stock split will
effect a reduction in the number of shares of common stock issuable
upon the exercise of stock options or warrants, and release of
restricted stock units outstanding immediately prior to the
effectiveness of the reverse stock split. No fractional
shares will be issued as a result of the reverse stock split.
Stockholders who would otherwise be entitled to receive a
fractional share will receive, in lieu thereof, a cash payment
based on the closing sales price of the Company`s common stock as
reported on the NASDAQ Capital Market on the last business day
immediately preceding the effective date of the reverse stock
split. The Company`s common stock will begin trading on the
NASDAQ Capital Market on a split-adjusted basis when the market
opens on May 1, 2017. The new CUSIP number for the Company’s
common stock following the reverse stock split is 03674U 300.
The reverse stock split will reduce the number of shares of
common stock issued and outstanding from approximately 80.6 million
to approximately 10.1 million.
American Stock Transfer and Trust Company (AST) is acting as the
exchange agent for the reverse stock split. AST will provide
instructions to stockholders regarding the process for exchanging
their pre-split stock certificates for post-split stock
certificates. Additional information regarding the reverse
stock split can be found in the Company`s definitive proxy
statement filed with the Securities and Exchange Commission on
March 16, 2017.
About Anthera Pharmaceuticals
Anthera Pharmaceuticals is a biopharmaceutical company focused
on developing and commercializing products to treat serious and
life-threatening diseases, including exocrine pancreatic
insufficiency due to cystic fibrosis, and IgA nephropathy.
Additional information on Anthera can be found at
www.anthera.com.
Safe Harbor Statement
Any statements contained in this press release that refer to
future events or other non-historical matters, including statements
that are preceded by, followed by, or that include such words as
"estimate," "intend," "anticipate," "believe," "plan," "goal,"
"expect," "project," or similar statements, are forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on Anthera's expectations as
of the date of this press release and are subject to certain risks
and uncertainties that could cause actual results to differ
materially as set forth in Anthera's public filings with the SEC,
including Anthera's Annual Report on Form 10-K for the year ended
December 31, 2016. Anthera disclaims any intent or obligation to
update any forward-looking statements, whether because of new
information, future events or otherwise, except as required by
applicable law.
Contact Information:
Investor Relations, Anthera Pharmaceuticals
ir@anthera.com
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