HANGZHOU, China, Sept. 15 /PRNewswire-FirstCall/ -- China Biopharma, Inc. (OTC Bulletin Board: CBPC) announced today that it has filed with the Secretary of State of the State of Delaware an amendment to its Certificate of Incorporation to effect a 1 for 100 reverse stock split. China Biopharma's common stock ("Common Stock") will begin trading on a reverse-split basis on September 15, 2008 under the new symbol CHBO.
By unanimous written consent dated July 3, 2008 the Board of Directors adopted an amendment to the Company's Certificate of Incorporation (the "Amendment") to effect a 1 for 100 reverse stock spit of the Company's outstanding Common Stock. The holders of a majority of the outstanding shares of Common Stock by written consent subsequently approved the filing of the Amendment and the reverse split contemplated thereby.
As a result of the reverse stock split, each 100 outstanding shares of Common Stock, par value $.0001 per share will be combined into one share of Common Stock; provided, however, that upon such combination, the Corporation shall not issue fractional shares or pay cash in respect thereof, but shall instead issue to each stockholder the aggregate number of shares resulting from the Reverse Stock Split rounded up to the next higher whole number of shares based upon the preceding calculation. The Reverse Split shall have no effect on the number of authorized shares of Common Stock. The reverse stock split affects all shares of common stock, stock options and warrants of China Biopharma outstanding immediately prior to the effective time of the reverse stock split. China Biopharma's Common Stock currently outstanding is approximately 650 million.
Stockholders who hold their shares in brokerage accounts or "street
name" will not be required to take any action to effect the exchange of
their shares. Stockholders of record who hold share certificates will
receive a letter of transmittal requesting that they surrender th
|SOURCE China Biopharma, Inc.|
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