VIVUS Announces 1-for-10 Reverse Stock Split
September 10 2018 - 7:30AM
VIVUS, Inc. (Nasdaq:VVUS) (the “Company”), a biopharmaceutical
company, announced today that the Company’s stockholders approved a
reverse stock split. Effective September 10, 2018, the Company will
enact a 1-for-10 reverse stock split of its common stock with
shares trading on a split-adjusted basis on September 11, 2018.
“The 1-for-10 ratio was determined following an analysis of over
700 companies that effected a reverse split from 1998 to 2018.
Based on this analysis, we determined that the 1-for-10 ratio would
position VIVUS with the appropriate liquidity associated with
listing shares on a major U.S. exchange and is critical for the
continued execution of our strategic plan to return VIVUS to
profitability and establish a sustainable business that creates
value for stockholders and patients,” said John Amos, Chief
Executive Officer at VIVUS. “In addition, this reverse stock split
is a necessary step to allow VIVUS to meet the requirements for
continued listing on The Nasdaq Stock Market.”
Stockholders approved the reverse stock split at the 2018 Annual
Meeting of Stockholders on September 7, 2018, and on the same day,
VIVUS’ Board of Directors approved the implementation of the
reverse stock split and the ratio of 1-for-10.
Shares of VIVUS common stock will trade on a post-split basis
beginning on September 11, 2018. The Company’s ticker symbol, VVUS,
will remain unchanged. The new CUSIP number for VIVUS’ common stock
post-reverse split will be 928551 308.
At the effective time of the reverse stock split, every 10
shares of VIVUS issued and outstanding common stock will
automatically be combined and converted into 1 issued and
outstanding share of common stock without any change in the par
value of the shares. This will reduce the outstanding shares of
common stock of VIVUS from approximately 106 million to
approximately 10.6 million. Proportional adjustments will also be
made to the shares issuable in connection with VIVUS’ outstanding
stock options, restricted stock units, warrants and convertible
securities.
Proportionate voting rights and other rights of stockholders
will not be affected by the reverse stock split, other than as a
result of the rounding up of fractional shares. Please direct any
questions you might have regarding the reverse stock split to your
broker or the Company’s stock transfer agent, Computershare
Investor Services, by calling 877-373-6374 (Toll Free) or +1 (781)
575-3120 (Toll).
About VIVUS
VIVUS is a biopharmaceutical company committed to the
development and commercialization of innovative therapies that
focus on advancing treatments for patients with serious unmet
medical needs. For more information about the Company, please visit
www.vivus.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking
within the meaning of the Private Securities Litigation Reform Act
of 1995 and are subject to risks, uncertainties and other factors,
including risks and uncertainties related to potential change in
our business strategy to enhance long-term stockholder value; risks
and uncertainties related to our ability to address or potentially
reduce the outstanding balance of our convertible notes due in
2020; risks and uncertainties related to our expected future
revenues, operations and expenditures; risks and uncertainties
related to our ability to identify and acquire development and cash
flow generating assets; risks and uncertainties related to the
timing of initiation and completion of the post-approval clinical
studies required as part of the approval of Qsymia by the U.S. Food
and Drug Administration, or FDA; risks and uncertainties related to
the response from FDA to any data and/or information relating to
post-approval clinical studies required for Qsymia; risks and
uncertainties related to our ability to work with FDA to
significantly reduce or remove the requirements of the clinical
post-approval cardiovascular outcomes trial, or CVOT; and risks and
uncertainties related to our ability to regain and retain
compliance with Nasdaq listing requirements. These risks and
uncertainties could cause actual results to differ materially from
those referred to in these forward-looking statements. The reader
is cautioned not to rely on these forward-looking statements.
Investors should read the risk factors set forth in VIVUS’ Form
10-K for the year ended December 31, 2017 as filed on March 14,
2018, and as amended by the Form 10-K/A filed on April 26, 2018,
and periodic reports filed with the Securities and Exchange
Commission. VIVUS does not undertake an obligation to update or
revise any forward-looking statements.
VIVUS, Inc.
Mark OkiChief Financial
Officeroki@vivus.com650-934-5200
Investor Relations: Lazar PartnersDavid
CareyManaging
Directordcarey@lazarpartners.com212-867-1768
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