TechniScan, Inc. Announces One-for-Four Reverse Stock Split
Stock Will Begin Trading on a Split-Adjusted Basis on June 28, 2010
SALT LAKE CITY (June 24, 2010) – TechniScan (OTC BB: TSNI), a medical device company engaged in the development and commercialization of an automated breast ultrasound imaging system, today announced it filed a certificate of amendment to implement a one-for-four reverse stock split of the company’s issued and outstanding common stock.
The reverse stock split, which was previously approved by the company’s board of directors and stockholders, will take effect with the opening of the markets on Monday, June 28, 2010, subject to approval by FINRA. Trading of TechniScan’s common stock will continue on a reverse stock split-adjusted basis.
The board believes that the reverse stock split will increase market price, help attract long term investors and increase investor interest. The increase in stock price will also allow the company to meet the requirements to be accepted to the American Stock Exchange (AMEX), should the company pursue an application for such listing.
TechniScan stockholders will receive one new TechniScan share for every four shares that they held prior to the split, and all fractional shares will be rounded up to the next whole share on a certificate basis only. As a result of the reverse stock split, the number of shares of the company’s common stock outstanding will be reduced from approximately $82.9 million to approximately $20.7 million shares.
To indicate that the reverse stock split has occurred, a “D” will be added to the company’s trading symbol, such that the post-split common stock will trade under the symbol “TSNID” beginning on June 28, 2010 for a period of 20 trading days, after which TechniScan’s common stock will resume trading under the symbol “TSNI.” The new CUSIP number for the company’s post-split common stock will be 87855G 206.
