StemCells to be renamed Microbot Medical, to trade under symbol MBOT
Microbot Medical announced that it has closed its merger transaction with StemCells, pursuant to which Microbot became a wholly-owned subsidiary of StemCells, Inc. StemCells will be renamed Microbot Medical Inc. and will begin trading on NASDAQ under the symbol 'MBOT' on November 29, 2016. Following the completion of the merger and one-for-nine reverse stock split, there are approximately 39M shares of common stock outstanding. Under the terms of the merger agreement with StemCells, the shareholders of Microbot Medical, and certain advisors and consultants with respect to the merger, received shares of StemCells common stock representing approximately 95% of the outstanding shares of StemCells calculated on a fully diluted basis. Stockholders of StemCells prior to the merger have retained approximately 5% of the company.