Anthera Pharmaceuticals Announces 1-for-8 Reverse Split of Stock
HAYWARD, Calif., July 12, 2013 /PRNewswire/ -- Anthera Pharmaceuticals, Inc. (Nasdaq: ANTH) announced today that it has filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation to effect a 1-for-8 reverse stock split of its common stock, effective as of 5:00PM Eastern Time today. A Certificate of Amendment to effect a reverse stock split was approved by the Company's stockholders at its Annual Meeting of Stockholders held on May 16, 2013, and the specific 1-for-8 ratio was subsequently approved by the Company's Board of Directors.
At the effective time of the reverse stock split, every eight (8) shares of the Company's issued and outstanding common stock will be automatically converted into one (1) issued and outstanding share of common stock, without any change in par value per share. The reverse stock split will affect all shares of the Company's common stock outstanding immediately prior to the effective time of the reverse stock split, as well as the number of shares of common stock available for issuance under the Company's equity incentive plans. In addition, the reverse stock split will affect a reduction in the number of shares of common stock issuable upon the exercise of stock options or warrants, and release of restricted stock units outstanding immediately prior to the effectiveness of the reverse stock split. No fractional shares will be issued as a result of the reverse stock split. Stockholders who would otherwise be entitled to receive a fractional share will receive, in lieu thereof, a cash payment based on the closing sales price of the Company's common stock as reported on the NASDAQ Capital Market on the last business day immediately preceding the effective date of the reverse stock split. The Company's common stock will begin trading on the NASDAQ Capital Market on a split-adjusted basis when the market opens on July 15, 2013. The new CUSIP number for the Company's common stock following the reverse stock split is 03674U201.
The Company's common stock will continue to trade on the NASDAQ Capital Market under the symbol "ANTH," with the fifth character "D" added to the end of the trading symbol, beginning on Monday, July 15, 2013, for a period of 20 trading days to indicate that the reverse split has occurred. The Company's common stock will revert to trading under its original symbol "ANTH" after the 20 trading day period.
The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 153 million to approximately 19 million. Concurrently, the authorized number of shares of common stock will be reduced to 100 million.
American Stock Transfer and Trust Company (AST) is acting as the exchange agent for the reverse stock split. AST will provide instructions to stockholders regarding the process for exchanging their pre-split stock certificates for post-split stock certificates. Additional information regarding the reverse stock split can be found in the Company's definitive proxy statement filed with the Securities and Exchange Commission on April 5, 2013.
About Anthera Pharmaceuticals
Anthera Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing products to treat serious diseases associated with autoimmune disorders.
Safe Harbor Statement
Any statements contained in this press release that refer to future events or other non-historical matters, including statements that are preceded by, followed by, or that include such words as "estimate," "intend," "anticipate," "believe," "plan," "goal," "expect," "project," or similar statements, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on the Company's expectations as of the date of this press release and are subject to certain risks and uncertainties that could cause actual results to differ materially, including but not limited to the risks and uncertainties associated with market conditions, as well as those set forth in the Company's public filings with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2013. The Company disclaims any intent or obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law.
CONTACT: Dennis Lutz of Anthera Pharmaceuticals, Inc., email@example.com or (510)856-5598.
SOURCE Anthera Pharmaceuticals, Inc.