RALEIGH, N.C., May 12, 2010 (GLOBE NEWSWIRE) -- DARA BioSciences, Inc. (the “Company”) (Nasdaq:DARA) announced today that at the 2010 Annual Meeting of Stockholders, the Company’s stockholders approved all of the proposals up for stockholder approval at the meeting. Among the proposals approved by stockholders was an amendment to the Company’s Certificate of Incorporation to effect a reverse stock split to afford the Company’s board of directors the authority to implement a reverse stock split in the board’s discretion within the range of 2:1 to 16:1. The board of directors has determined to effect a reverse stock split at a ratio of 16:1 which will take effect at the start of trading on May 13, 2010. The main purpose of the reverse stock split is to enable the Company to regain compliance with the minimum $1.00 per share bid price requirement for continued listing of the Company’s common stock on The NASDAQ Capital Market. Additional information about the reverse stock split is contained in the Company’s proxy statement for the 2010 Annual Meeting of Stockholders which was filed with the SEC on April 12, 2010.
