Navigation Links
CardioDynamics Shareholders Approve One-for-Seven Reverse Split of Company's Common Stock and Trading in Post-split Shares Begins May 9, 2008
Date:5/8/2008

Split Intended to Maintain Nasdaq Listing and Attract Additional Investors

as Company Enters Next Growth Phase

SAN DIEGO, May 8 /PRNewswire-FirstCall/ -- CardioDynamics (Nasdaq: CDIC), the innovator and leader of BioZ(R) impedance cardiography (ICG) technology, today announced the reverse split of 1 for 7 shares of the Company's common stock was approved by its Shareholders at the Company's Annual Shareholders Meeting earlier today.

The record date for the reverse split has been designated as the close of business today, May 8, 2008. The Company's common stock will begin trading tomorrow, May 9, 2008, on The Nasdaq Capital Market on a split-adjusted basis. The Company's stock will trade under the symbol "CDICD" for a period of approximately twenty trading days following the implementation of the reverse split to denote the reverse split, after which time, the trading symbol will revert to "CDIC". In the reverse split, each seven shares of CardioDynamics common stock issued and outstanding will be combined into one share of common stock, which initially should have the effect of proportionately increasing the stock price. Following the reverse split, the total number of shares outstanding will be reduced to approximately 7.2 million shares. Additional information regarding the reverse stock split can be found in the Company's Current Report on Form 8-K to be filed with the Securities and Exchange Commission on May 9, 2008.

Michael K. Perry, CardioDynamics Chief Executive Officer, stated, "We appreciate the confidence in our Company the shareholders have shown through their overwhelming support of the reverse stock split, with 87% of the voted shares in favor of the proposal. The approval will help us maintain our Nasdaq listing, improves our capital structure and has the potential to attract a greater level of interest among investors and analysts. Additionally, the timing is complementary with our Company's five consecutive quarters of revenue growth, international sales momentum, continued growth plan for 2008, and intense focus on achieving positive operating cash flow by the fourth quarter of 2008. Collectively, we believe these factors are catalysts for growth in shareholder value."

The Company also reported that all other proposals presented at the Annual Meeting were approved including re-election of its Board of Directors and ratification of the appointment of BDO Seidman, LLP, as the Company's independent registered public accounting firm.

About CardioDynamics:

CardioDynamics (Nasdaq: CDIC), the ICG Company, is the innovator and leader of an important medical technology called BioZ(R) Impedance Cardiography (ICG). The Company develops, manufactures and markets noninvasive BioZ(R) ICG products. The Company's BioZ(R) ICG Systems are being used by physicians around the world to help battle the number one killer of men and women -- cardiovascular disease. Partners include GE Healthcare, Philips Medical Systems, and Mindray. For additional information, please refer to the company's Web site at http://www.cdic.com.

Forward-Looking (Safe Harbor) Statement:

Except for the historical and factual information contained herein, this press release contains forward-looking statements, such as those relating to future growth and positive cash flows, the timing for the effectiveness of the reverse split, the anticipated increase in the per share trading price of the stock, and the Company's ability to regain compliance with NASDAQ listing standards and remain listed on NASDAQ, the accuracy of which is necessarily subject to uncertainties and risks including the Company's sole dependence on the BioZ(R) product line, and various uncertainties characteristic of early growth companies, as well as other risks detailed in the Company's filings with the SEC, including its 2007 Form 10-K. The Company does not undertake to update the disclosures contained in this press release.


'/>"/>
SOURCE CardioDynamics
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. CardioDynamics Provides 2007 Shareholder Meeting Update
2. CardioDynamics Receives FDA 510(k) Clearance for Innovative Clinical Parameters and Electronic Medical Record Compatibility
3. CardioDynamics Ranked in Deloittes Technology Fast 50 Program for San Diego
4. CardioDynamics BioZ(R) ICG Technology Featured in American College of Cardiology (ACC) Audio Series
5. CardioDynamics Receives Nasdaq Letter of Non-Compliance With Minimum Bid Price Requirement
6. Spherix Shareholders Support Companys Focus on Naturlose, Biotechnology
7. Healthcare Technologies Calls for a Shareholders Meeting to Approve the Nexgen Biofuels Transaction
8. Annual General Meeting ("AGM") and Extraordinary General Meeting ("EGM") Notices Posted to Shareholders
9. Rosetta Genomics Announces Annual General Meeting of Shareholders to be Held on September 24, 2007
10. Pharmos Issues Letter to Shareholders
11. Cell Therapeutics, Inc. (CTI) Announces 2007 Annual Shareholders Meeting Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/4/2016)... -- Spherix Incorporated (Nasdaq: SPEX ) -- an intellectual property development ... property, today provided an update on the Company,s cases ... Texas and announcing that those ... Re-examination ("IPR") proceedings that VTech and Uniden filed ... on only certain claims of two of the patents ...
(Date:2/3/2016)... 2016   ViaCyte, Inc ., a leading, ... stem cell-derived islet replacement therapy for the treatment ... announced that ViaCyte and Janssen Biotech, Inc., one ... Johnson, have agreed to consolidate the assets of ... provides ViaCyte with an exclusive license to all ...
(Date:2/3/2016)... , Feb. 3, 2016 New ... more than $1 million for researchers in ... on health-related research that demonstrates exciting potential.   ... of funding for the New Jersey Health Foundation Research ... members at these educational institutions— Princeton University, Rutgers ...
(Date:2/3/2016)... Mass. , Feb. 3, 2016  Silk Therapeutics, Inc., ... financing round. Silk Therapeutics has now raised a total of ... made by the company. The Series A2 round was led ... Massachusetts , with participation from new investors Lear Corporation ... Sheri and Roy P. Disney ; Richard Sackler , ...
Breaking Biology Technology:
(Date:2/1/2016)... 1, 2016  Today, the first day of American ... to develop a first of its kind workplace health ... Watson. In the first application of Watson ... IBM ), and Welltok will create a new offering ... cognitive analytics, delivered on Welltok,s health optimization platform. The ...
(Date:1/25/2016)... Pa. , Jan. 25, 2016   Unisys Corporation ... system at John F. Kennedy (JFK) International Airport, New ... Protection (CBP) identify imposters attempting to enter the ... not belong to them. pilot testing of the ... initially at three terminals at JFK during January 2016. --> ...
(Date:1/21/2016)... , January 21, 2016 ... to a new market research report "Emotion Detection and ... Others), Software Tools (Facial Expression, Voice Recognition and ... - Global forecast to 2020", published by MarketsandMarkets, ... expected to reach USD 22.65 Billion by 2020, ...
Breaking Biology News(10 mins):