Aptose Biosciences Announces Reverse Stock Split
News Oct 07, 2014
Aptose Biosciences Inc. has announced that it has filed articles of amendment to give effect to the reverse stock split (consolidation) of its common shares (the "Common Shares") on the basis of one post-consolidation Common Share for each twelve pre-consolidation Common Shares (the "Reverse Stock Split").
At the annual general and special meeting of the shareholders of the Company held on August 19, 2014, the shareholders of the Company authorized the board of directors to effect a reverse stock split of the Common Shares at a ratio within the range of one post-consolidation Common Share for each five to fifteen pre-consolidation Common Shares.
It is expected that the Common Shares will commence trading on the Toronto Stock Exchange on a consolidated basis on or about October 6, 2014. The number of Common Shares currently outstanding is 139,324,451. The number of Common Shares outstanding following the Reverse Stock Split will be of approximately 11,610,402.
The Reverse Stock Split is being implemented as a way to potentially increase the trading price of the common shares as the Company is contemplating a potential listing on the NASDAQ Stock Exchange.
"We are extremely appreciative of the support we have received from our shareholders for transforming Aptose into a preeminent company committed to anticancer drug development," William G. Rice, Ph.D., Aptose's Chairman, President and Chief Executive Officer. "In effecting the reverse split, we are now significantly closer to meeting listing requirements for trading on the NASDAQ market, which would expand our visibility, and provide access to a broader investor base and opportunity for increased shareholder value."
Letters of transmittal with respect to the Reverse Stock Split have been mailed out to all registered shareholders. All registered shareholders of the Company are required to send their certificates representing pre-consolidation Common Shares with a properly executed letter of transmittal to the transfer agent of the Company, Computershare Investor Services Inc., in accordance with the instructions provided in the letter of transmittal.
If, as a result of the Reverse Stock Split, a shareholder would be entitled to receive a fractional Common Share, the number of Common Shares to be received by such shareholder will be rounded up or down to the nearest whole Common Share. All other outstanding securities of the Company exchangeable, exercisable or convertible into Common Shares will be adjusted accordingly.
Shareholders who hold their Common Shares through their broker or other intermediary and do not have actual share certificates will not be required to complete and return a letter of transmittal. Any pre-consolidation Common Shares owned by such shareholders will automatically be adjusted as a result of the Reverse Stock Split and no further action is required to be taken by such shareholders.