Jul 26 2013
Columbia Laboratories, Inc. ("Columbia" or the "Company") (NasdaqCM: CBRX) announced today that its Board of Directors (the "Board") has set a ratio of 1-for-8 for its previously approved reverse stock split of its common stock, and an anticipated effective date for the reverse stock split of the later of (i) the filing with the Secretary of the State of Delaware of a certificate of amendment with respect to the reverse stock split or (ii) August 9, 2013. The reverse stock split was approved by the Company's stockholders at its annual meeting of stockholders on May 1, 2013, where the Company's stockholders granted to the Board the authority to amend the Company's certificate of incorporation to effectuate a reverse stock split of its Common Stock at a ratio of up to and including 1-for-10, as determined by the Board.
No fractional shares will be issued as a result of the reverse stock split. Stockholders who otherwise would be entitled to receive a fractional share in connection with the reverse stock split will receive a cash payment in lieu of such fractional share. American Stock Transfer & Trust Company, LLC will act as exchange agent for the Reverse Stock Split.
Source: Columbia Laboratories, Inc.