Biotech Values

[DewDiligence]

Apollo Endosurgery begins trading as APEN:

http://finance.yahoo.com/news/apollo-endosurgery-completes-merger-lpath-213000290.html;_ylt=A0LEVy_NomVYOOYAampXNyoA;_ylu=X3oDMTEydGkzbHR2BGNvbG8DYmYxBHBvcwMyBHZ0aWQDVUkyQzNfMQRzZWMDc2M-

With the completion of the merger today, Lpath was renamed Apollo Endosurgery, Inc. and will begin trading on the NASDAQ Global Market under the symbol ‘APEN’ on December 30, 2016.

Following the closing of the merger and a 1-for-5.5 reverse stock split, the combined company has approximately 10.7 million shares of common stock outstanding. The stockholders of Apollo received common stock representing approximately 95.9% of the outstanding shares and the stockholders of Lpath retained approximately 4.1% of the combined company [see comments below].

Concurrent with the closing of the merger, certain stockholders of Apollo invested $29 million of new equity in the combined company, which is included in the 95.9% ownership of previous Apollo stockholders.

The reverse merger was announced in Sep 2016; as noted in #msg-125044826, the fact that LPTN’s shareholders ended up with only 4% of the equity in the merged company is a consequence of LPTN’s being a scam business with a Nasdaq listing.