AI
Friday, April 01, 2005 6:19:08 PM
I can't believe they released this after hours today. I had a feeling something like this was coming. Ought to get your weekend started off right.
Press Release Source: Cytogenix, Inc.
Cytogenix, Inc. Undertakes Reverse Split
Friday, April 1, 8:45 am ET
Company Begins Process of Positioning for NASDAQ Listing Qualification
HOUSTON--(BIZNESS WIRE)--April 1, 2005--Cytogenix, Inc. (OTC Bulletin Board: CYGX), announced today that it will be undertaking a reverse split of its common stock in an effort to begin to meet certain NASDAQ listing qualifications.
The company's board of directors has authorized a reverse split based upon a ratio of one-for-ten for its common stock. On a pre-split basis, Cytogenix has 106,525,300 shares of common stock outstanding as of March 28, 2005 As a result of the reverse stock split, every ten (10) shares of common stock will be combined into one (1) share of common stock and the total number of issued and outstanding shares of common stock will be reduced to approximately 10,652,530 shares. The record date for the reverse stock split is as of the close of business on Friday April 1, 2005, and the split is effective as of the opening of trading on Monday April 4, 2005. The company anticipates being assigned a new stock ticker, which will be announced as soon as available.
The company's transfer agent, American Stock Transfer and Trust Company, will mail letters of transmittal to the stockholders of record to facilitate the exchange of stock certificates. Fractional shares of common stock will not be issued as a result of the reverse stock split; instead holders of a fractional share of common stock will receive cash in lieu of fractional shares otherwise issuable in connection with the reverse split based on the company's trading price on April 1, 2005.
The reverse stock split affects all Cytogenix, Inc. common stock, stock option, and warrants outstanding immediately prior to the record date of the reverse stock split.
"The reverse split represents the continued positive progression of our company," stated Malcom Skoldip, president and chief executive officer of Cytogenix, Inc. "The pursuit of a listing on a recognized exchange is a logical component of the overall business strategy of Cytogenix. As a publicly traded company we seek to expand our shareholder base and present our company and its business strategies to a wider investor audience. We expect that this reverse split will bring us closer to meeting all of the qualifications of a securities exchange such as the NASDAQ and we look forward to making an application for listing in due course."
APRIL FOOLS
Press Release Source: Cytogenix, Inc.
Cytogenix, Inc. Undertakes Reverse Split
Friday, April 1, 8:45 am ET
Company Begins Process of Positioning for NASDAQ Listing Qualification
HOUSTON--(BIZNESS WIRE)--April 1, 2005--Cytogenix, Inc. (OTC Bulletin Board: CYGX), announced today that it will be undertaking a reverse split of its common stock in an effort to begin to meet certain NASDAQ listing qualifications.
The company's board of directors has authorized a reverse split based upon a ratio of one-for-ten for its common stock. On a pre-split basis, Cytogenix has 106,525,300 shares of common stock outstanding as of March 28, 2005 As a result of the reverse stock split, every ten (10) shares of common stock will be combined into one (1) share of common stock and the total number of issued and outstanding shares of common stock will be reduced to approximately 10,652,530 shares. The record date for the reverse stock split is as of the close of business on Friday April 1, 2005, and the split is effective as of the opening of trading on Monday April 4, 2005. The company anticipates being assigned a new stock ticker, which will be announced as soon as available.
The company's transfer agent, American Stock Transfer and Trust Company, will mail letters of transmittal to the stockholders of record to facilitate the exchange of stock certificates. Fractional shares of common stock will not be issued as a result of the reverse stock split; instead holders of a fractional share of common stock will receive cash in lieu of fractional shares otherwise issuable in connection with the reverse split based on the company's trading price on April 1, 2005.
The reverse stock split affects all Cytogenix, Inc. common stock, stock option, and warrants outstanding immediately prior to the record date of the reverse stock split.
"The reverse split represents the continued positive progression of our company," stated Malcom Skoldip, president and chief executive officer of Cytogenix, Inc. "The pursuit of a listing on a recognized exchange is a logical component of the overall business strategy of Cytogenix. As a publicly traded company we seek to expand our shareholder base and present our company and its business strategies to a wider investor audience. We expect that this reverse split will bring us closer to meeting all of the qualifications of a securities exchange such as the NASDAQ and we look forward to making an application for listing in due course."
APRIL FOOLS
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