Alimera Sciences Announces Board’s Approval of Reverse Stock Split Ratio
November 07 2019 - 6:00PM
Alimera Sciences, Inc. (Nasdaq: ALIM) (“Alimera”), a leader in the
commercialization and development of prescription ophthalmology
treatments for the management of retinal diseases, announces that
it will effect a one-for-15 reverse stock split (reverse split) of
its common stock that will become effective on November 14, 2019
after the close of trading on The Nasdaq Global Market. On November
15, 2019, Alimera’s common stock will begin trading on a
post-reverse split basis on The Nasdaq Global Market under the
existing symbol “ALIM.”
The reverse split is primarily intended to bring Alimera into
compliance with the minimum bid price requirement for maintaining
its listing on The Nasdaq Global Market. The new CUSIP number for
the common stock following the reverse split will be 016259202.
At Alimera’s special meeting of stockholders on November 4,
2019, Alimera’s stockholders approved the proposal to authorize
Alimera’s board of directors, in its sole and absolute discretion,
to file an amendment to Alimera’s restated certificate of
incorporation to effect the reverse split at a ratio to be
determined by the board, ranging from one-for-five to one-for-30.
On November 7, 2019, the board approved the reverse split at a
ratio of one-for-15, with the timing described above.
The reverse split will affect all issued and outstanding shares
of Alimera’s common stock. All outstanding options, preferred
stock, restricted stock units, warrants and other securities
entitling their holders to purchase or otherwise receive shares of
Alimera’s common stock will be adjusted as a result of the reverse
split, as required by the terms of each security. The number of
shares available to be awarded under Alimera’s 2019 Omnibus
Incentive Plan and the number of shares that are purchasable under
Alimera’s 2010 Employee Stock Purchase Plan will in each case also
be appropriately adjusted. The par value of Alimera’s common stock
will remain unchanged at $0.01 per share after the reverse split.
The reverse split will not change the authorized number of shares
of Alimera’s common stock or preferred stock. No fractional shares
will be issued in connection with the reverse split, and
stockholders who would otherwise be entitled to receive a
fractional share will instead receive a cash payment equal to such
fraction multiplied by the average of the closing sales prices of
the common stock (as adjusted to give effect to the reverse split)
on The Nasdaq Global Market for the five consecutive trading days
immediately preceding the effective date. The reverse split
will affect all stockholders uniformly and will not alter any
stockholder’s percentage interest in Alimera’s equity (other than
as a result of the payment of cash in lieu of fractional
shares).
The reverse split will reduce the number of shares of common
stock issued and outstanding from approximately 74.45 million to
approximately 4.96 million.
About Alimera Sciences, Inc.
Alimera, founded in June 2003, is a pharmaceutical company that
specializes in the commercialization and development of
prescription ophthalmic pharmaceuticals for the management of
retinal diseases. Alimera is presently focused on diseases
affecting the back of the eye, or retina, because these diseases
are not well treated with current therapies and will affect
millions of people in our aging populations. For more information,
please visit www.alimerasciences.com.
Forward Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
regarding, among other things, Alimera’s expectations regarding
Alimera’s ability to comply with the minimum bid price requirement
for maintaining its listing on The Nasdaq Global Market. Such
forward-looking statements are based on current expectations and
involve inherent risks and uncertainties, including factors that
could delay, divert or change these expectations, and could cause
actual results to differ materially from those projected in these
forward-looking statements. Meaningful factors that could cause
actual results to differ include, but are not limited to, Alimera’s
ability to satisfy the various rules and requirements imposed by
The Nasdaq Stock Market, and other factors discussed in the “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” sections of Alimera’s Annual
Report on Form 10-K for the year ended December 31, 2018, and
its Quarterly Reports on Form 10-Q for the quarters ended March 31,
2019, June 30, 2019 and September 30, 2019, which are on file with
the Securities and Exchange Commission and available on its website
at http://www.sec.gov.
The forward-looking statements in this press release speak only
as of the date of this press release (unless another date is
indicated). Alimera undertakes no obligation, and specifically
declines any obligation, to publicly update or revise any such
forward-looking statements, whether as a result of new information,
future events or otherwise.
For press inquiries:Jules Abrahamfor Alimera
Sciences 917-885-7378julesa@coreir.com |
For investor inquiries:Scott Gordonfor Alimera
Sciences scottg@coreir.com |
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