Repros' Reverse Stock Split Now Effective Print E-mail
By Staff and Wire Reports   
Friday, 15 October 2010 02:48

Repros Therapeutics (NasdaqCM:RPRX), the company that focuses on the development of oral small molecule drugs for major unmet medical needs that treat male and female reproductive disorders, announced on Thursday evening that it will put into effect its previously announced one-for-four reverse stock split of its common stock.

The company has filed a Certificate of Amendment to its Restated Certification of Incorporation to split-adjusted shares of the Company’s common stock and  will begin trading on the Nasdaq Capital Market tomorrow. The Company’s shares will continue to trade under the symbol “RPRX,” with a “D” added for 20 trading days to signify the reverse stock split has occurred.

The reverse split will reduce the Company’s outstanding common stock from approximately 35.7 million shares, as of its most recent quarterly report on Form 10-Q, to approximately 8.9 million shares.

The one-for-four reverse stock split will convert all shares of the Company’s common stock issued and outstanding, plus all outstanding stock options and the number of shares of common stock available for issuance under the Company’s approved stock plans.

 

The reverse split may enable the Company to meet the continued listing rules of the Nasdaq Capital Market. In order to maintain its listing on the Nasdaq Capital Market, the Company’s common stock must have a closing bid price of $1.00 or more for a minimum of ten consecutive trading days, on or before October 31, 2010.

Repros Therapeutics is currently below its 50-day and 200-day moving average and closed Thursday's trading at 0.373 +0.002 (0.68%). The company's downward momentum may change given the news.




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