Satsuma Pharmaceutic (STSA)

[ScovilleUnits]

Reverse Split at a ratio of 1-for-66...Nov 19

http://www.knobias.com/story.htm?eid=3.1.1a88e2f994f721735dba4748476e53749ddccab47f96e4b4d7b9e157a330f41e

Sterling Financial Corporation of Spokane, Wash., Announces Reverse Stock Split

Thursday , November 18, 2010 12:00ET

SPOKANE, Wash.--(BUSINESS WIRE)-- Sterling Financial Corporation (NASDAQ:STSA) ("Sterling"), the bank holding company of Sterling Savings Bank, today announced that its board of directors has approved a 1-for-66 share consolidation, or reverse stock split, that will become effective for trading purposes with the opening of trading on Friday, Nov. 19, 2010. The primary objective in effecting a reverse stock split is to better enable Sterling to maintain the listing of its common shares on The NASDAQ Capital Market. Sterling's common shares will continue trading on The NASDAQ Capital Market and will begin trading on a split-adjusted basis at the opening of trading on Friday, Nov. 19, 2010.

At Sterling's special meeting of shareholders held Oct. 21, 2010, shareholders voted to approve a proposal authorizing the board of directors of the company to effect a reverse split of Sterling's common shares at a ratio to be determined by the board within a range of 1-for-50 to 1-for-125. As authorized, the board has elected to effect a reverse split at a ratio of 1-for-66.

"After consideration of our alternatives, the board determined that a reverse split of Sterling's common shares is in the best interest of shareholders," said Greg Seibly, president and chief executive officer. "Maintaining our listing on NASDAQ provides the company with greater flexibility to financially and strategically support the company. We appreciate the support of our shareholders in granting our board the authority to effect a reverse stock split."

Details of the Reverse Split

At the effective time of the reverse stock split, every 66 shares of Sterling's pre-split common shares, no par value per share, will automatically be consolidated into one post-split common share, no par value per share. As a result of the reverse split, the number of outstanding common shares will be approximately 61,831,877, excluding outstanding and unexercised share options and warrants and subject to adjustment for fractional shares. The reverse stock split will not affect any shareholder's ownership percentage of Sterling's common shares, except to the limited extent that the reverse split would result in any shareholder owning a fractional share. Sterling will not issue fractional shares of common stock. Fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share.

It is expected that NASDAQ will append a "D" to the company's ticker symbol to indicate the completion of the reverse split and that after a 20 trading-day period following effectiveness of the reverse split, the ticker symbol will revert to "STSA." In addition, the common shares will also trade under a new CUSIP number effective Nov. 19, 2010.

Additional information can be found in Sterling's definitive proxy statement filed with the Securities and Exchange Commission on Sept. 22, 2010.