40 cents after hours. Reverse split in the morning.
December 29, 2010 5:00 PM ET
Heska Corporation Announces Stockholder Approval of Reverse Split
PR Newswire
LOVELAND, Colo., Dec. 29, 2010
LOVELAND, Colo., Dec. 29, 2010 /PRNewswire-FirstCall/ -- Heska Corporation HSKA ("Heska" or the "Company") today announced that, at the Company's Special Meeting of Stockholders held on December 29, 2010, the stockholders of Heska voted to approve a proposal to effect a 1-for-10 reverse stock split of the Company's issued and outstanding shares of common stock, together with a corresponding reduction in the total number of shares of the Company's authorized stock and increase in the par value for such authorized stock (collectively, the "Reverse Split"). In connection with the Reverse Split, each stockholder will receive one share of common stock for every ten shares of common stock held prior to the Reverse Split and, if applicable, cash in lieu of any fractional shares that would otherwise be issued in connection with the Reverse Split.
The Reverse Split is intended to be effective and consummated by the Company prior to the commencement of trading on December 30, 2010, as a result of the filing of an amendment to the Company's Certificate of Incorporation (the "Charter Amendment") with the Secretary of State of the State of Delaware.
The Charter Amendment will reduce the number of shares of common stock issued and outstanding from approximately 52.2 million shares to approximately 5.2 million shares. In addition, the Charter Amendment will reduce the total number of authorized shares of the Company's stock from 175,000,000 to 17,500,000, with such reduced number comprising (i) 7,500,000 shares of Common Stock, $0.01 par value per share, (ii) 7,500,000 shares of Public Common Stock, $0.01 par value per share, and (iii) 2,500,000 shares of Preferred Stock, $0.01 par value per share. The Company expects the post-Reverse Split shares of its common stock to begin trading on The NASDAQ Capital Market on December 30, 2010, or as soon as practicable thereafter. It is expected that a "D" will be appended to the Company's ticker symbol to indicate the completion of the Reverse Split and after a 20 trading-day period following the Reverse Split, the ticker symbol will revert to "HSKA". A new CUSIP number has been assigned to the Company's common stock as a result of the Reverse Split.
Heska's primary objective in effecting the Reverse Split, as set forth in detail in its Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on November 23, 2010 (File No.: 000-22427), is to increase the per share trading price of the issued and outstanding shares of common stock in order to regain and maintain long-term compliance with the minimum bid price listing requirements of The NASDAQ Capital Market.
