MOUNTAIN VIEW, Calif., Nov. 13 /PRNewswire-FirstCall/ -- Pharsight Corporation (OTC Bulletin Board: PHST), a leading provider of software, strategic consulting, and regulatory services for optimizing clinical drug development, today announced that its Board of Directors has approved a one- for-three reverse split of the Company's stock, to take effect at 5:00 p.m., Eastern Time today, November 13, 2007. Pharsight's common stock will begin trading on a reverse split-adjusted basis under the same symbol "PHST.OB" beginning Wednesday, November 14, 2007.
At its annual meeting of stockholders held on August 8, 2007, Pharsight received stockholder approval of a proposal authorizing the Pharsight Board of Directors, in its discretion, to effect a reverse stock split of Pharsight's common stock, at a ratio within the range from one-for-three to one-for-six shares, at any time prior to the 2008 annual meeting of stockholders.
Today's announcement is consistent with the Company's stated plans to list its common stock on the Nasdaq Capital Market, which has a minimum bid price requirement of $4. The reverse split is intended to help meet this requirement, and the Company believes it meets all other criteria for listing. Pharsight filed an application to list its common stock on the Nasdaq Capital Market on September 18, 2007.
"We have been pursuing an opportunity to list Pharsight's common stock
on the Nasdaq Capital Market by addressing all corporate reporting and
listing requirements, and this reverse stock split should allow us to
satisfy the final outstanding criteria of minimum bid price," said Shawn
O'Connor, president, CEO and chairman of Pharsight. "By obtaining listing
status on Nasdaq, we believe we can increase the investor audience able to
invest in our common stock. We believe that this status coupled with the
continued execution of our growth strategy may lead to an increase in our
valuation, one that is more in-line with our long-term gr
|SOURCE Pharsight Corporation|
Copyright©2007 PR Newswire.
All rights reserved