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Sun BioPharma Announces Execution of Reverse Stock Split
Sun BioPharma Announces Execution of Reverse Stock Split.
About this update from Panbela Therapeutics, Inc.
[{"type":"text","content":"\n\n MINNEAPOLIS, Minn., Nov. 07, 2017 (GLOBE NEWSWIRE) -- Sun BioPharma, Inc. (OTCQB:SNBP), a clinical stage biopharmaceutical company developing disruptive therapeutics for the treatment of pancreatic diseases, announced today that it will implement the previously announced 1-for-10 reverse stock split. The reverse stock split will be effective as of the close of business on November 7, 2017 and the Company's common stock will trade on a split-adjusted basis at the beginning of trading on November 8, 2017.\n The reverse stock split is intended to increase the market price per share of the Company's common stock to qualify it for listing on The Nasdaq Capital Market. The Company is taking additional actions to meet the remaining listing requirements. Until the Company meets the criteria for listing and an application for listing is accepted by Nasdaq, which may not happen within a reasonable time frame, if at all, the common stock will continue to be eligible for quotation on the OTCQB Venture Marketplace tier of the over-the-counter markets administered by the OTC Markets Group, Inc. under the symbol \"SNBP\". The new CUSIP number for the common stock following the reverse stock split will be 8666M 206. The reverse stock split will reduce the number of shares of the Company's common stock currently outstanding from approximately 36.7 million shares to approximately 3.7 million shares. Proportionate adjustments will be made to the conversion and exercise prices of the Company's outstanding convertible promissory notes, stock purchase warrants, stock options and to the number of shares issued and issuable under the Company's equity incentive plans. Concurrent with the reverse stock split, there will be a 50% reduction in the number of shares authorized for issuance by the Company. Information for Stockholders Upon the effectiveness of the reverse stock split, each ten 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. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. Holders of common stock otherwise entitled to a fractiona...