Amarantus Completes Capital Restructuring in Preparation for National Exchange Listing
Source: GlobeNewswire Inc.
Amarantus BioScience Holdings, Inc. (OTCQB:AMBS), a biotechnology company focused on developing therapeutic and diagnostic products for neurological disorders and orphan indications, announced it has completed its capital restructuring in preparation for a national exchange listing via a 1-for-150 reverse split of its common stock effective at the close of trading on Tuesday, June 9, 2015. Amarantus' common stock will trade on a split-adjusted basis under a new CUSIP number and temporary ticker symbol "AMBSD" beginning on Wednesday, June 10, 2015. After 20 days, the common stock will commence trading under the ticker symbol "AMBS."
"The streamlining of our capital structure will make Amarantus a much more attractive investment opportunity to the broader capital markets," said Gerald E. Commissiong, President & CEO of Amarantus. "As the Company begins its march towards a national exchange listing, we have a number of exciting milestones expected across each of our programs that we believe will drive value and raise the level of awareness of Amarantus within the scientific, medical, business and investment communities."
As a result of the stock split, every 150 shares of issued and outstanding common stock will be converted into 1 share of common stock. The Company's common stock will temporarily trade on the OTC QB under the symbol "AMBSD," for a period of 20 trading days after which time the symbol will revert back to AMBS. The temporary "D" at the end of the Company's stock symbol signifies that the reverse stock split has occurred. Following the reverse split, there will be approximately 7 million common shares outstanding.
All fractional shares created by the reverse stock split will be rounded to the nearest whole share. If the fraction created is one half or less, it will be rounded down to the nearest whole share. If the fraction is more than one half, it will be rounded up to the nearest whole share. Each shareholder will get at least one share.
The Company's transfer agent, VStock Transfer, LLC, will adjust its records to reflect each shareholder's post-split position. Share adjustments to physical stock certificates can be made upon surrender of the certificate to the transfer agent. Please contact VStock Transfer, LLC for further information at (212) 828-8436 or toll-free at (855)-9VSTOCK or by email at info@vstocktransfer.com.
