Endologix Announces Approval of Reverse Stock Split
March 05 2019 - 4:01PM
Business Wire
Endologix, Inc. (the “Company”) (NASDAQ: ELGX) previously
announced that a proposal was approved at its Special Meeting of
Stockholders, held February 22, 2019, authorizing its Board of
Directors to amend the Company's certificate of incorporation to
effect a reverse stock split of the Company’s issued and
outstanding shares of common stock at a ratio not less than 1-for-5
and not greater than 1-for-10 (inclusive), with the exact ratio to
be set within that range by the Company’s Board of Directors. The
number of authorized shares of common stock would remain at 170
million shares, and the number of authorized shares of preferred
stock would remain at 5 million shares. The Company’s Board of
Directors had previously directed that the proposal be submitted to
the stockholders for approval and has subsequently approved the
reverse stock split at a ratio of 1-for-10. The reverse stock split
will take effect at 4:00 p.m. ET on March 5, 2019. Beginning with
the opening of trading on March 6, 2019, the Company's common stock
will trade on the NASDAQ Global Select Market on a reverse stock
split-adjusted basis.
Upon the effectiveness of the reverse stock split, every ten
shares of the Company's issued and outstanding common stock will be
automatically reclassified and converted into one issued and
outstanding share of common stock, par value $0.001 per share. As a
result of the reverse split, there will be approximately 10.3
million shares of common stock issued and outstanding. The shares
of common stock will trade under a new CUSIP number, 29266S304,
effective March 6, 2019. The Company’s trading symbol will
remain “ELGX.” All options, warrants, and convertible securities of
the Company outstanding immediately prior to the reverse stock
split will be adjusted.
No fractional shares of common stock will be issued as a result
of the reverse stock split. Stockholders who would otherwise be
entitled to receive a fractional share as a result of the reverse
stock split will instead receive one whole share of common
stock.
The Company has chosen its transfer agent, American Stock
Transfer & Trust Company, LLC (“AST”), to act as exchange agent
for the reverse stock split. Stockholders owning shares via a
bank, broker or other nominee will have their positions
automatically adjusted to reflect the reverse stock split, and will
not be required to take further action in connection with the
reverse stock split, subject to brokers' particular
processes. For those stockholders holding physical stock
certificates, AST will send instructions for exchanging those
certificates for shares held in book-entry form representing the
post-split number of shares. AST can be reached at (800)
937-5449.
About Endologix, Inc.
The Company develops and manufactures minimally invasive
treatments for aortic disorders. The Company's focus is in
endovascular stent grafts for the treatment of abdominal aortic
aneurysms (AAA). AAA is a weakening of the wall of the aorta, the
largest artery in the body, resulting in a balloon-like
enlargement. Once an AAA develops, it continues to enlarge and, if
left untreated, becomes increasingly susceptible to rupture. The
overall patient mortality rate for ruptured AAA is approximately
80%, making it a leading cause of death in the U.S. For more
information, visit www.endologix.com.
The Nellix® EndoVascular Aneurysm Sealing System and Ovation
Alto® Abdominal Stent Graft System, the Company's next generation
Ovation system device, are approved only as investigational devices
and are not currently approved for commercial purposes in any
market.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can generally be identified
by the use of words such as “anticipate,” “expect,” “could,” “may,”
“will,” “believe,” “estimate,” “forecast,” “goal,” “project,”
“continue,” “outlook,” “guidance,” “future,” other words of similar
meaning and the use of future dates. Forward-looking statements
include all statements other than statements of historical fact
contained in this press release, including statements regarding the
reverse stock split. Forward-looking statements represent our
management’s current expectations and predictions about trends
affecting our business and industry and are based on information
available as of the time such statements are made. The
forward-looking statements contained in this press release speak
only as of the date of this press release. The Company undertakes
no obligation to update any forward- looking statements contained
in this press release to reflect new information, events or
circumstances after the date they are made, or to reflect the
occurrence of unanticipated events. Please refer to the Company’s
filings with the Securities and Exchange Commission including its
Annual Report on Form 10-K for the year ended December 31, 2017 and
subsequent Quarterly Reports on Form 10-Q for more detailed
information regarding these risks and uncertainties and other
factors that may cause actual results to differ materially from
those expressed or implied in the forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20190305005632/en/
INVESTOR:Endologix, Inc.Vaseem Mahboob, CFO(949) 595-7200
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