Oxygen Biotherapeutics Announces 20:1 Reverse Stock Split Effective After
Market Close on May 10th
MORRISVILLE, N.C. -- May 10, 2013
Oxygen Biotherapeutics, Inc. (NASDAQ: OXBT), today announced the effectiveness
of a 20-to-one reverse stock split of its common stock. The reverse stock
split was approved by the Company’s stockholders at a Special Meeting of
Stockholders held on April 26, 2013, and was approved by the Company’s Board
of Directors on that same date.
The reverse stock split is intended to increase the per share trading price of
the Company’s common stock to satisfy the $1.00 minimum bid price requirement
for continued listing on the NASDAQ Capital Market. Notwithstanding the
reverse stock split, there can be no assurance that the Company will be able
to regain compliance with the minimum bid price or other NASDAQ continued
listing requirements or maintain its listing. As a result of the reverse stock
split, every 20 shares of the Company’s common stock issued and outstanding
prior to the opening of trading on May 13, 2013 will be consolidated into one
issued and outstanding share, with no change in the nominal par value per
share of $0.0001. No fractional shares will be issued as a result of the
reverse stock split. Instead, the company will round up to the nearest whole
number the amount of shares stockholders would be entitled to receive in
connection with the reverse stock split.
Trading of the Company’s common stock on the NASDAQ Capital Market will
continue, on a split-adjusted basis, with the opening of the markets on
Monday, May 13, 2013, under new CUSIP number 69207P308. Shares of the
Company’s common stock will continue to trade under the symbol “OXBT”.
Immediately subsequent to the reverse stock split, there will be approximately
1,931,628 shares of the Company’s common stock issued and outstanding.
The Company has retained its transfer agent, Interwest Transfer Company, to
act as its exchange agent for the reverse split. Interwest will provide
shareholders of record as of the effective date a letter of transmittal
providing instructions for the exchange of their certificates, if they wish to
do so, however, an exchange is not required. Shareholders owning shares via a
broker or other nominee will have their positions automatically adjusted to
reflect the reverse stock split, subject to brokers’ particular processes, and
will not be required to take any action in connection with the reverse stock
For more information regarding the Company’s reverse stock split, please refer
to the definitive proxy statement filed by the Company with the Securities and
Exchange Commission on Schedule DEF 14A on March 28, 2013. The definitive
proxy statement is available online on the company’s Investor website page
(http://www.oxybiomed.com/investors.html) under the SEC Filings tab.
About Oxygen Biotherapeutics, Inc.
Oxygen Biotherapeutics, Inc. is developing medical products that efficiently
deliver oxygen to tissues in the body. The company has developed a proprietary
perfluorocarbon (PFC) therapeutic oxygen carrier called Oxycyte^® that is
currently in clinical and preclinical studies for intravenous delivery for
indications such as traumatic brain injury, decompression sickness and stroke.
The company is also developing PFC-based creams and gels for topical delivery
to the skin for dermatologic conditions and potentially wound care. In
addition, the Company has commercialized its Dermacyte^® line of skin care
cosmetics for the anti-aging market. Dermacyte is now out-licensed to Valor
Cosmetics of Switzerland.
Caution Regarding Forward-Looking Statements
This news release contains certain forward-looking statements by the company
that involve risks and uncertainties and reflect the company’s judgment as of
the date of this release. The forward-looking statements are subject to a
number of risks and uncertainties including matters beyond the company’s
control that could lead to the company not remaining in compliance with NASDAQ
rules, delisting from NASDAQ if compliance is not maintained, delays in new
product introductions and customer acceptance of these new products, and other
risks and uncertainties as described in our filings with the Securities and
Exchange Commission, including in the current Form 10-Q filed on March 18,
2013, and our annual report on Form 10-K filed on July 24, 2012, as well as
other filings with the SEC. The company disclaims any intent or obligation to
update these forward-looking statements beyond the date of this release. This
caution is made under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.
Oxygen Biotherapeutics, Inc.
SVP, Investor Relations & Corporate Communications
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