MetaStat Shareholders Approve Reverse Stock Split
BOSTON--(BUSINESS WIRE)--MetaStat (OTCQB:MTST) today announced shareholders voted in favor of a reverse stock split of the company’s common stock and an amendment to the company’s Amended and Restated 2012 Omnibus Securities and Incentive Plan at a special shareholders meeting held in New York City on June 22, 2015.
Previously, the company’s board of directors had voted, subject to shareholder approval, to authorize a reverse stock split for the purpose of qualifying for the minimum stock price listing requirement for a planned uplisting to a national securities exchange, such as The NASDAQ Capital Market or NYSE Market. Yesterday’s vote authorizes the board to effect a reverse stock split of the company’s outstanding common stock by a ratio of not less than 1-for-5 and not more than 1-for-15, with the exact ratio to be determined by the board at the appropriate time.
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Previously, the company’s board of directors had voted, subject to shareholder approval, to authorize a reverse stock split for the purpose of qualifying for the minimum stock price listing requirement for a planned uplisting to a national securities exchange, such as The NASDAQ Capital Market or NYSE Market. Yesterday’s vote authorizes the board to effect a reverse stock split of the company’s outstanding common stock by a ratio of not less than 1-for-5 and not more than 1-for-15, with the exact ratio to be determined by the board at the appropriate time.
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