Mar 18 2010
Cardima, Inc. (OTCBB: CADM) today announced that it has applied
for the listing of its common stock on the NASDAQ®
Stock Market.
“We are pleased to be applying for this stock listing to move to the
NASDAQ Stock Market”
The Company also announced that in order to meet minimum share price
requirements in connection with its NASDAQ listing application, its
shareholders have approved, in a special meeting of the shareholders of
the Company on March 17, 2010, a reverse split of its common stock, at a
ratio of not less than five-for-one and not greater than twelve-for-one,
with the exact ratio to be set by its Board of Directors and filed with
the Delaware Secretary of State no later than June 30, 2010. Following
the filing, letters of transmittal will be sent to shareholders to
effect the exchange of their certificates representing pre-reverse split
shares for new certificates representing post-reverse split shares.
“We are pleased to be applying for this stock listing to move to the
NASDAQ Stock Market,” said Tony Shum, Chairman of the Board of
Directors. “This application marks an important strategic step to
improve our stock’s liquidity as we continue to make progress on
achieving our corporate objectives.”
Rob Cheney, Chief Executive Officer, commented: “The timing to initiate
the reverse stock split and the NASDAQ application was carefully
considered in conjunction with our current marketing efforts to promote
our Surgical Ablation System for cardiac ablation procedures in Europe
and domestically. We believe that the NASDAQ listing and the reverse
stock split are in the best interest of our stockholders and the future
growth of the Company.”