Zogenix Announces Shareholders and Board of Directors Approve Reverse Stock Split
"We appreciate the support of our shareholders in granting our board the authority to affect a reverse split. After in-depth consideration of our options, the board determined that a reverse split of the Company's common shares is in the best interest of shareholders," said
An additional objective supporting the reverse stock split at this time is to potentially allow a broader range of institutions to invest in the Company's common stock – namely, funds that are prohibited from buying stocks with a price per share below a certain threshold.
Upon the effectiveness of the reverse stock split, each eight shares of the Company's issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock, par value
Andrew McDonaldFounding Partner, LifeSci Advisors LLC646-597-6987 | Andrew@lifesciadvisors.com Media Catherine O'ConnorSr Director, Corporate Communications, Zogenix858.436.3374 | firstname.lastname@example.org