CLEVELAND, June 4, 2013 /PRNewswire/ -- DATATRAK International, Inc. (OTCQX: DTRK), a leader in developing cloud-based, unified eClinical® technologies and delivering related services for the clinical trials industry, today announced that its 1-for-12 reverse stock split of DATATRAK Common Shares no par value became effective following market close on Monday, June 3, 2013, and began trading on a split-adjusted basis on the OTCQX Markets when the exchange opened on Tuesday June 4, 2013.
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DATATRAK effected the reverse stock split by filing a Certificate of Amendment to its Sixth Amended and Restated Articles of Incorporation with the Ohio Secretary of State effective June 3, 2013. As previously disclosed, shareholders granted the Board of Directors discretionary authority to effect this reverse stock split at the Company's Annual Meeting of Shareholders held on May 14, 2013.
At the effectiveness of the reverse stock split, every 12 Common Shares of issued and outstanding were automatically combined into one issued and outstanding DATATRAK Common Share. No fractional shares were issued in connection with the reverse stock split. Instead, shareholders who would have otherwise received a fractional share will receive a cash payment in lieu of the fractional share based on the average of the closing price of the Common Shares as listed on the OTCQX Market for the five trading days immediately preceding the filing of the Certificate of Amendment with the Ohio Secretary of State.
Additional information on the treatment of fractional shares and other effects of the reverse stock split can be found in DATATRAK's definitive proxy statement filed with the OTC Markets on April 8, 2013.
DATATRAK International is a worldwide technology and services company delivering unified eClinical® solutions and related services for the clinical trials industry. DATATRAK built its multi-component, comprehensive solution on a single, unified platform and expanded this concept to include services delivery via DATATRAK's Clinical and Consulting Services group. The Company delivers a complete portfolio of software products designed to accelerate the reporting of clinical research data from sites to sponsors and ultimately regulatory authorities, faster and more efficiently than loosely integrated technologies. The DATATRAKONE software solution, deployed worldwide through an ASP or Enterprise Transfer offering, supports Phase I Phase IV drug and device studies in multiple languages throughout the world. DATATRAK has offices located in Cleveland, Ohio; Bryan, Texas; and Cary (RTP), North Carolina. For more information, visit http://www.datatrak.net.
Except for the historical information contained in this press release, the statements made in this release are forward-looking statements. These forward-looking statements are made based on management's expectations, assumptions, estimates and current beliefs concerning the operations, future results and prospects of the Company and are subject to uncertainties and factors which are difficult to predict and, in many instances, are beyond the control of the Company, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. For a list of certain factors that may cause actual results to differ materially from those contemplated in these forward looking statements, please see the Company's report filed with the OTCQX Market on May 15, 2013 announcing its results for the first quarter of 2013. The Company undertakes no obligation to update publicly or revise any forward-looking statement whether as a result of new information, future events or otherwise.
SOURCE DATATRAK International, Inc.