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News Breaks | | | | October 11, 2012 | | 08:13 EDT |  | SOMX | Somaxon approves 1-for-8 reverse stock split, decrease in authorized shares
Somaxon Pharmaceuticals announced that its Board of Directors approved a 1-for-8 reverse stock split of its common stock and a decrease in the number of authorized shares of its common stock from 100,000,000 to 25,000,000 shares. The reverse stock split and the decrease in the number of authorized shares of common stock were authorized by Somaxon's stockholders at a special meeting held on Oct. 5. The reverse stock split will become effective as of 5:00 p.m. PT on Oct. 11, and Somaxon's shares will trade on a post-split basis beginning on Oct. 12. In connection with the reverse stock split, every eight shares of Somaxon's issued and outstanding common stock will automatically be combined into one issued and outstanding share without any change in the par value of the shares. Stockholders of record will receive cash in lieu of fractional shares to which they otherwise would be entitled based upon the closing sale price per share of Somaxon's common stock on Oct. 11. | |
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