LOVELAND, Colo., Dec. 29, 2010 /PRNewswire-FirstCall/ -- Heska Corporation (Nasdaq: HSKA) ("Heska" or the "Company") today announced that, at the Company's Special Meeting of Stockholders held on December 29, 2010, the stockholders of Heska voted to approve a proposal to effect a 1-for-10 reverse stock split of the Company's issued and outstanding shares of common stock, together with a corresponding reduction in the total number of shares of the Company's authorized stock and increase in the par value for such authorized stock (collectively, the "Reverse Split"). In connection with the Reverse Split, each stockholder will receive one share of common stock for every ten shares of common stock held prior to the Reverse Split and, if applicable, cash in lieu of any fractional shares that would otherwise be issued in connection with the Reverse Split.
The Reverse Split is intended to be effective and consummated by the Company prior to the commencement of trading on December 30, 2010, as a result of the filing of an amendment to the Company's Certificate of Incorporation (the "Charter Amendment") with the Secretary of State of the State of Delaware.
The Charter Amendment will reduce the number of shares of common stock issued and outstanding from approximately 52.2 million shares to approximately 5.2 million shares. In addition, the Charter Amendment will reduce the total number of authorized shares of the Company's stock from 175,000,000 to 17,500,000, with such reduced number comprising (i) 7,500,000 shares of Common Stock, $0.01 par value per share, (ii) 7,500,000 shares of Public Common Stock, $0.01 par value per share, and (iii) 2,500,000 shares of Preferred Stock, $0.01 par value per share. The Company expect
|SOURCE Heska Corporation|
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