Published on November 25, 2009 at 7:45 AM
Derma Sciences, Inc. (OTC Bulletin Board: DSCI) a specialty medical device/pharmaceutical company focused on advanced wound care, announced today that its shareholders granted Derma Sciences' Board of Directors authority to implement a reverse stock split in the range of between 1-to-5 and 1-to-10.
Ed Quilty, Chairman and CEO of Derma Sciences, said, "We have filed an application to list our stock on the NASDAQ Global Market or NASDAQ Capital Market. The reverse stock split our stockholders approved at today's special meeting will enable Derma Sciences to meet the minimum share-price requirements of the NASDAQ listing."
Derma Sciences' Board of Directors is expected to implement the reverse split in the near future. The precise reverse split ratio will be determined in accordance with then prevailing market conditions.
For the 20-day period following implementation of the reverse split, Derma Sciences' ticker symbol will be "DSCID" to reflect the post-split price. Following that period, the ticker symbol will revert to "DSCI."
SOURCE Derma Sciences, Inc.