Aytu BioScience says 1-for-20 reverse stock split effective today
Aytu Bioscience announced that a previously approved 1-for-20 reverse split of its outstanding shares of common stock is effective as of today, August 25, 2017. The company anticipates announcement of the reverse split on the FINRA Daily List on Monday, August 28, 2017, with trading to commence on a post-split basis on Tuesday, August 29, 2017. The reverse stock split was approved by stockholders of Aytu at the Special Shareholders meeting held on July 26, 2017 and the ratio of 1-for-20 was authorized by the board of directors. The stock split is intended to increase the per share trading price of the company's common stock to enable the company to satisfy the minimum bid price requirement for a planned listing on a national exchange. The 1-for-20 reverse stock split will automatically convert twenty shares of Aytu BioScience's common stock into one new share of common stock. No fractional shares will be issued, and no cash or other consideration will be paid. Instead, the company will issue one whole share of the post-split common stock to any shareholder of record who otherwise would have received a fractional share as a result of the reverse stock split. The reverse split will reduce the number of shares of outstanding common stock from approximately 80.4M to approximately 4M. It will also affect shares of common stock underlying stock options, warrants and preferred shares in the same ratio.