LANSING, Mich., Oct. 30, 2013 /PRNewswire/ -- Neogen Corporation (NASDAQ: NEOG) today announced that all shares of its common stock will begin trading today on a "post-split" basis to reflect the company's previously announced 3-for-2 stock split.
Accordingly, the price of the common stock will automatically be adjusted downward by 33% from the NASDAQ National Market System closing price on Oct. 29, 2013, of $71.24 to $47.49 to account for the split. The adjusted price will be in effect at the opening of NASDAQ National Market System trading this morning.
Cash will be paid in lieu of fractional shares. As a result of the split, shares outstanding increases to approximately 36.45 million from approximately 24.3 million.
Neogen Corporation develops and markets products dedicated to food and animal safety. The company's Food Safety Division markets dehydrated culture media, and diagnostic test kits to detect foodborne bacteria, natural toxins, food allergens, drug residues, plant diseases and sanitation concerns. Neogen's Animal Safety Division is a leader in the development of animal genomics along with the manufacturing and distribution of a variety of animal healthcare products, including diagnostics, pharmaceuticals, veterinary instruments, wound care and disinfectants.
Steven J. Quinlan
Neogen VP & CFO
SOURCE Neogen Corporation