Sonoma Pharmaceuticals Announces 1-for-9 Reverse Split of Outstanding Common Stock
19 Giugno 2019 - 10:05PM
Specialty pharmaceutical company Sonoma Pharmaceuticals, Inc.
(Nasdaq: SNOA), today announced the timing for a 1-for-9 reverse
split of its outstanding common stock which will be effected on
June 19, 2019 at 5:00 pm EDT. Sonoma common stock will begin
trading on The Nasdaq Capital Market on a 1-for-9 adjusted basis
when the market opens on June 20, 2019. The reverse stock split was
previously approved by the Company’s stockholders at the Company’s
Special Meeting held on May 30 and June 11, 2019. The Company’s
Board of Directors approved the implementation of a reverse stock
split and determined the reverse stock split ratio on June 14,
2019.
Bubba Sandford, Sonoma’s Chief Executive Officer
said, “This reverse stock split is necessary to maintain our
listing on the Nasdaq Capital Market. We believe that maintaining
our listing on Nasdaq strengthens the confidence of our business
partners and suppliers, the interest of institutional investors,
and the availability of future business development
opportunities.”
At the effective time of the reverse stock
split, every nine shares of Sonoma’s issued and outstanding common
stock will be automatically converted into one newly issued and
outstanding share of common stock, without any change in the par
value per share. No fractional shares will be issued. Instead
of receiving a fractional share, investors will receive cash in
lieu at the closing price of the common stock on June 19, 2019.
Sonoma’s common stock outstanding will change
from 12 million to approximately 1.3 million. Proportional
adjustments will be made to Sonoma’s stock options, warrants, and
equity-compensation plans. The reverse stock split will have
no effect on the Company’s authorized shares.
The Company’s common stock will continue to
trade on The Nasdaq Capital Market under the symbol “SNOA.” A new
CUSIP number will be issued to Sonoma’s common stock after the
reverse stock split becomes effective.
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. In order to maintain the
Company’s listing on Nasdaq, the Company’s common stock must have a
closing bid price of $1.00 or more for a minimum of 10 consecutive
trading days prior to July 3, 2019. There can be no assurance that
the reverse stock split will have the desired effect of raising the
closing bid price of the Company’s common stock to meet such
requirement.
Once the reverse stock split becomes effective,
stockholders holding shares through a brokerage account or in
book-entry form will have their shares automatically adjusted to
the reflect the 1:9 reverse stock split. Existing
stockholders holding common stock certificates will receive a
Letter of Transmittal from the Company’s transfer agent,
Computershare, Inc. with specific instructions regarding the
exchange of shares.
About Sonoma Pharmaceuticals, Inc.
Sonoma is a specialty pharmaceutical company that develops and
markets unique and effective solutions for the treatment of
dermatological conditions and advanced tissue care. The company’s
products, which are sold throughout the United States and
internationally, have improved outcomes for more than five million
patients globally by reducing infections, itch, pain, scarring
and harmful inflammatory responses. The company's headquarters are
in Petaluma, California, with manufacturing operations in the
United States and Latin America. European marketing and sales
are headquartered in Roermond, Netherlands. More information can be
found at www.sonomapharma.com.
Forward-Looking Statements
Except for historical information herein, matters set forth
in this press release are forward-looking within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995, including statements about the commercial and
technology progress and future financial performance of Sonoma
Pharmaceuticals, Inc. and its subsidiaries (the “Company”). These
forward-looking statements are identified by the use of words such
as “preparing,” “represent,” and “upcoming,” among others.
Forward-looking statements in this press release are subject to
certain risks and uncertainties inherent in the Company’s business
that could cause actual results to vary,
including such risks that regulatory clinical and
guideline developments may change, scientific data may not be
sufficient to meet regulatory standards or receipt of required
regulatory clearances or approvals, clinical results may not
be replicated in actual patient settings, protection offered
by the Company’s patents and patent applications may be
challenged, invalidated or circumvented by its
competitors, the available market
for the Company’s products will not be as large as
expected, the Company’s products will not be able to penetrate
one or more targeted markets, revenues will not be sufficient
to meet the Company’s cash needs, fund further development and
clinical studies, as well as uncertainties relative to varying
product formulations and a multitude of diverse regulatory and
marketing requirements in different countries and municipalities,
and other risks detailed from time to time in the Company’s filings
with the Securities and Exchange Commission. The Company disclaims
any obligation to update these forward-looking statements, except
as required by law.
Sonoma Pharmaceuticals™ is a trademark or registered trademark
of Sonoma Pharmaceuticals, Inc.
Media and Investor Contact:
Sonoma Pharmaceuticals, Inc.
Investor Relations
ir@sonomapharma.com
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