Ligand Reverse Stock Split Effective Today
19 Novembro 2010 - 11:30AM
Business Wire
Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) today
announced that its previously disclosed 1-for-6 reverse stock split
has become effective, and will be reflected in the share price
beginning today.
The reverse stock split applies to all of Ligand’s outstanding
common stock, reducing current outstanding shares (excluding
treasury shares) from approximately 117.7 million to approximately
19.6 million. Shareholders will receive cash in lieu of fractional
shares. In connection with the reverse split, Ligand also
proportionately reduced the number of its authorized shares of
common stock from 200.0 million to approximately 33.3 million
shares.
Ligand’s common stock will trade under the symbol “LGNDD” for a
period of 20 trading days as a result of the reverse stock split.
Ligand’s common stock will also trade under a new CUSIP number.
Ligand’s shareholders of record will receive a letter of
transmittal and instructions from Ligand’s transfer agent, BNY
Mellon Shareowner Services, regarding the procedures for submitting
their stock certificates in connection with the reverse stock
split. Shareholders are encouraged to surrender their stock
certificates in connection with the reverse stock split. Those
shareholders holding Ligand common stock in “street name” will
receive instructions from their broker if they need to take any
action in connection with the reverse stock split.
About Ligand Pharmaceuticals
Ligand discovers and develops novel drugs that address critical
unmet medical needs of patients for a broad spectrum of diseases
including hepatitis, muscle wasting, Alzheimer's disease,
dyslipidemia, diabetes, anemia, COPD, asthma, rheumatoid arthritis
and osteoporosis. Ligand's proprietary drug discovery and
development programs are based on advanced cell-based assays,
tissue-specific receptor ligand interactions and gene-expression
tools. Among our peers, we believe Ligand has assembled one of the
largest portfolios of assets including commercial therapies
developed in partnership with pharmaceutical companies. Ligand has
established multiple alliances with the world's leading
pharmaceutical companies including GlaxoSmithKline, Merck, Pfizer,
Roche, Bristol-Myers Squibb and AstraZeneca, and more than 30
programs in various stages of development.
Caution Regarding Forward-Looking Statements
This news release contains forward looking statements by Ligand
that involve risks and uncertainties, including with respect to the
reverse stock split, and reflect Ligand’s judgment as of the date
of this release. Actual events or results may differ from Ligand’s
expectations. Additional information concerning these and other
risk factors affecting Ligand’s business can be found in prior
press releases available via www.ligand.com as well as in Ligand’s
public periodic filings with the Securities and Exchange Commission
at www.sec.gov. Ligand disclaims any intent or obligation to update
these forward-looking statements beyond the date of this release.
This caution is made under the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995.
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