Sunshine Heart announces 1-for-30 reverse stock split
Sunshine Heart announced a 1-for-30 reverse split of its common stock, effective at 5:00 pm Eastern time today. Beginning tomorrow, January 13, 2017, the company's common stock will trade on The Nasdaq Capital Market on a split adjusted basis. At Sunshine Heart's special meeting of stockholders on January 9, 2017, the company's stockholders authorized the board of directors to amend the Fourth Amended and Restated Certificate of Incorporation, as amended, of the company to effect a reverse stock split at a ratio in the range of 1-for-20 to 1-for-60, as determined at the discretion of the company's board of directors. Upon effectiveness, the reverse stock split will cause a reduction in the number of shares of common stock outstanding and issuable upon the conversion of the company's outstanding shares of preferred stock and the exercise of its outstanding stock options and warrants in proportion to the ratio of the reverse split, and will cause a proportionate increase in the conversion and exercise prices of such preferred stock, stock options and warrants. The number of shares of common stock issuable upon the exercise or vesting of outstanding stock options and warrants will be rounded down to the nearest whole share.