IRVINE, CA--(Marketwire - June 28, 2010) - ATHERONOVA INC. (OTCBB: AHROD) announced that, effective as of the open of trading on June 28, 2010, and in connection with several corporate actions taking effect on June 23, 2010, the Company commenced trading under the ticker symbol AHROD.OB for a limited period of time. The “D” in this ticker symbol will be removed by the Financial Industry Regulatory Authority (“FINRA”) twenty (20) business days from June 28, 2010, after which time the Company will re-commence trading under its existing ticker symbol AHRO.OB.
The change in ticker symbol occurred as a result of the effectiveness, on June 23, 2010, of several corporate actions, including: a 1-for-200 reverse stock split, a decrease in the number of authorized shares of the Company’s common stock (to 100,000,000), the mandatory conversion of the Company’s super-voting common stock, and the authorization of the Company’s “blank check” preferred stock. Accordingly, as of June 23, 2010, there was a total of approximately 22,680,927 shares of the Company’s common stock issued and outstanding, of which approximately 537,156 shares of common stock, representing approximately 2.4% of the issued and outstanding shares of the Company’s common stock as of such date, were held by holders of the Company’s common stock (other than the former holders of the Company’s super-voting common stock).
The effect of the reverse stock split was reflected in the Company’s per share price, as quoted on the OTC Bulletin Board, as of the commencement of trading on June 28, 2010.
About AtheroNova Inc. and AtheroNova Operations, Inc.
AtheroNova, through its wholly-owned subsidiary, AtheroNova Operations, is a development stage company currently researching novel patents-pending applications of certain natural compounds to regress atherosclerotic plaque deposits, a process called delipidization. The company is preparing to commence a second animal study to validate the findings of its initial study and prepare for human trials. The Company plans to develop multiple applications for its compounds, to be used in pharmaceutical grade and over-the-counter grade products, for the treatment of atherosclerosis.
Additional information about the Company’s recent reverse merger, capital raise transaction and AtheroNova Operations, Inc. (formerly Z&Z Medical Holdings, Inc.), can be found in AtheroNova’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 20, 2010.
Prior to the closing of its reverse merger, AtheroNova was a public “shell” company with nominal assets whose sole business was to identify, evaluate and investigate various companies to acquire or with which to merge.
Effective as of the closing its reverse merger, AtheroNova, through its wholly-owned subsidiary AtheroNova Operations, Inc. will continue to be a development stage company, developing products to address the treatment of atherosclerosis through the use of natural compounds and their derivatives.
Forward-Looking Statements
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently unreliable and actual results may differ materially. Examples of forward looking statements in this news release include statements regarding the commencement of the second animal trial and the development of applications for AtheroNova’s compounds. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as significant fluctuations in expenses associated with clinical trials, failure to secure additional financing, the inability to complete regulatory filings with the Food and Drug Administration, the introduction of competing products, or management’s ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and other information that may be detailed from time to time in AtheroNova’s filings with the United States Securities and Exchange Commission. AtheroNova undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Thomas Gardner
Chief Executive Officer
Or
Mark Selawski
Chief Financial Officer
(949) 476-1100
