XOMA Announces Reverse Stock Split
October 14 2016 - 04:09PM
XOMA Corporation (Nasdaq:XOMA), a leader in the discovery and
development of therapeutic antibodies, today announced that, at a
special meeting of the Company's stockholders held on October 14,
2016, its stockholders voted to approve a reverse stock split of
the Company’s issued and outstanding common stock. XOMA’s
Board of Directors then determined that the split would be at a
ratio of 1-for-20. Upon the effectiveness of the reverse
stock split, every 20 shares of XOMA common stock will be converted
into 1 share of common stock. No fractional shares will be
issued in connection with the reverse stock split. A
stockholder who otherwise would have been entitled to receive a
fractional share of stock as a result of the reverse stock split
will instead receive cash in lieu of fractional shares.
The reverse stock split is intended to enable
XOMA to regain compliance with the $1.00 minimum bid price required
for continued listing on the NASDAQ Global Market and help increase
shareholder interest in our stock.
The reverse stock split will affect all
stockholders uniformly and will not affect any stockholder's
ownership percentage of XOMA’s shares (except to the extent that
the reverse stock split would result in some of the stockholders
receiving cash in lieu of fractional shares).
Well Fargo Shareowner Services, XOMA’s transfer
agent, will provide instructions to stockholders regarding the
process for exchanging their shares and stock certificates.
Additional information regarding the reverse stock split approved
by stockholders can be found in XOMA’s definitive proxy statement
filed with the Securities and Exchange Commission on September 12,
2016.
The Company expects the reverse stock split to
become effective at 5:00 p.m. EDT on Monday, October 17,
2016. When the market opens on Tuesday, October 18, 2016,
XOMA’s common stock will begin trading on the NASDAQ Global Market
on a split-adjusted basis.
About XOMA CorporationXOMA
Corporation is a leader in the discovery and development of
therapeutic antibodies. The Company's innovative product candidates
result from its expertise in developing ground-breaking monoclonal
antibodies, including allosteric antibodies, which have created new
opportunities to potentially treat a wide range of human diseases.
XOMA's scientific research has produced a portfolio of five
assets, each of which has the opportunity to address multiple
indications. The Company's lead product candidate, XOMA 358, is an
allosteric monoclonal antibody that reduces insulin receptor
activity, which could have a major impact on the treatment of
hyperinsulinism. The Company recently initiated Phase 2 development
activities for XOMA 358 in patients with congenital hyperinsulinism
and in patients with hypoglycemia after bariatric surgery. For more
information, visit www.xoma.com.
Forward-Looking
StatementsCertain statements contained in this press
release including, but not limited to, statements characterizing
statements related to maintaining its NASDAQ listing, regulatory
approval of unapproved product candidates, the anticipated success
of any clinical trial, or statements that otherwise relate to
future periods are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements are based on
assumptions that may not prove accurate, and actual results could
differ materially from those anticipated due to certain risks
inherent in the biotechnology industry and for companies engaged in
the development of new products in a regulated market. Potential
risks to XOMA meeting these expectations are described in more
detail in XOMA's most recent filing on Form 10-K and in other SEC
filings. Consider such risks carefully when considering XOMA's
prospects. Any forward-looking statement in this press release
represents XOMA's views only as of the date of this press release
and should not be relied upon as representing its views as of any
subsequent date. XOMA disclaims any obligation to update any
forward-looking statement, except as required by applicable
law.
XOMA Corporation
Company and investor contact:
Ashleigh Barreto
510-204-7482
barreto@xoma.com
Juliane Snowden
The Oratorium Group, LLC
jsnowden@oratoriumgroup.com
Media contact:
Julie Normart
W2O Group
415-946-1087
jnormart@w2ogroup.com
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