microHelix Announces Shareholder Approvals
09 Dicembre 2003 - 12:58AM
PR Newswire (US)
microHelix Announces Shareholder Approvals 1-for-3 Reverse Stock
Split Effective December 9, 2003 PORTLAND, Ore., Dec. 8
/PRNewswire-FirstCall/ -- microHelix, Inc. , a leading designer,
manufacturer and distributor of customized electronic
micro-interconnect systems for the medical industry and commercial
and military markets, today announced that its shareholders have
approved a 1-for-3 reverse stock split of its common stock, a
temporary repricing of its Class B warrants and the purchase of
common stock by certain of its officers and directors. microHelix
common stock will trade under the symbol MHLXD for 10 trading days
after the reverse stock split goes into effect or through trading
on December 22nd. After this period, trading will resume under the
current symbol MHLXC. The 1-for-3 reverse stock split, which is
effective immediately, was approved in response to a requirement by
the Nasdaq SmallCap Market that microHelix's common stock have a
$1.00 per share minimum bid price. After giving effect to the
reverse stock split, the closing price of microHelix's common stock
on December 8, 2003 would have been $1.20. The closing bid price of
the common stock must remain above $1.00 per share for at least the
next 10 trading days in order for microHelix to retain its SmallCap
Market listing with respect to this issue. Nasdaq may require the
closing bid price to remain above $1.00 per share for more than 10
trading days if it deems it necessary to demonstrate microHelix's
ability to maintain long-term compliance with this listing
requirement. microHelix also announced today that Nasdaq has given
the Company until February 11, 2004 to demonstrate that it has
shareholders' equity as of that date of at least $2,640,000. The
Company's shareholders' equity at September 30, 2003 was $2.2
million. microHelix intends to comply with such requirement by
issuing additional equity capital in exchange for cash and
conversion of debt. microHelix's shareholders today approved a
temporary reduction the exercise price of its approximately
2,800,000 shares outstanding Class B warrants (NASDAQ:MHLZC) to
$1.41 per share (after giving effect to today's 1-for-3 reverse
stock split). This temporary repricing will be effective through
February 4, 2004. Thereafter, the exercise price of the Class B
warrants will return to the original $21.60 per share (after giving
effect to today's 1-for-3 reverse stock split). Each Class B
warrant is exercisable for one share of microHelix common stock.
All issuances of common stock upon exercise of Class B warrants are
subject to compliance with applicable federal and state securities
laws. microHelix shareholders today also approved issuances of up
to $500,000 of common stock to its directors and officers, at a
price of $1.41 per share (after giving effect to today's 1-for-3
reverse stock split) as part of microHelix's plan to increase its
shareholders' equity as required to retain its Nasdaq SmallCap
Market listing. As of December 5, 2003 three of the Company's
directors have converted a total of $200,000 of debt owed to them
by microHelix into 141,844 shares of common stock under this
program (after giving effect to today's 1-for-3 reverse stock
split). microHelix cannot provide assurance that a sufficient
number of Class B warrants will be exercised, or that its directors
or officers will purchase any additional common stock, to increase
microHelix's shareholders' equity sufficiently to meet Nasdaq's
requirements. microHelix has no commitments from any Class B
warrant holders to exercise their warrants or from any director or
officer to purchase any more shares of common stock. Although
microHelix believes that it can meet the conditions imposed by
Nasdaq for continued listing of its securities on the Nasdaq
SmallCap Market, there can be no assurance that it will be able to
do so. If at some future date microHelix's securities should cease
to be listed on The Nasdaq SmallCap Market, the Company expects
that they may be eligible to for quotation on the OTC Bulletin
Board. Delisting from The Nasdaq SmallCap Market may have an
adverse effect on the liquidity of the Company's common stock and
warrants. microHelix, Inc. is a leading designer, manufacturer and
marketer of customized electronic micro-interconnect systems for
the medical (ultrasound, minimally invasive and fully-implantable),
commercial and military markets. microHelix's interconnect systems
are designed into devices manufactured by OEM customers and are
used in applications like medical ultrasound probes,
electrophysiology cardiac mapping catheters, left ventricular
assist devices and pain management devices. microHelix has 13
approved U.S. patents and 12 pending patents covering proprietary
micro-miniature methods of manufacturing electronic interconnect
systems and related technology. Statements in this press release,
including statements regarding plans to resolve issues with Nasdaq
listing requirements, other than statements of historical fact are
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements reflect
management's current views and estimates of future economic and
market circumstances, industry conditions, company performance and
financial results. Words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates" and variations
of such words and similar expressions are intended to identify such
forward-looking statements. These statements are subject to risks
and uncertainties that could cause the Company's actual future
results to differ materially from the results discussed herein.
Factors that could cause or contribute to such differences include,
but are not limited to, competition from existing or new products,
production delays, lack of market acceptance of the Company's
products, general economic conditions, the Company's inability to
comply with the minimum bid price and shareholders' equity
requirements of the Nasdaq listing rules, and such other risks and
factors as are described from time to time in the Company's
Securities and Exchange Commission filings. The forward-looking
statements made today speak only as of today and the Company does
not undertake any obligation to update any such statements to
reflect events or circumstances occurring after today. DATASOURCE:
microHelix, Inc. CONTACT: Terry Rixford, Chief Financial Officer of
microHelix, Inc., +1-503-968-1600; or RCG Capital Markets Group,
Inc., +1-480-675-0400, for microHelix, Inc.
Copyright
Grafico Azioni Microhelix (NASDAQ:MHLZC)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Microhelix (NASDAQ:MHLZC)
Storico
Da Giu 2023 a Giu 2024