ADDISON, Texas, June 27, 2011 /PRNewswire/ -- ULURU Inc. (NYSE AMEX: ULU) today announced that on June 22, 2011 its board of directors approved a fifteen-for-one reverse stock split of the Company's common stock, to be effective on Wednesday, June 29, 2011. The Company has filed an amendment to its Restated Articles of Incorporation to effect the reverse stock split, which was authorized by stockholders at ULURU's reconvened annual meeting on June 16, 2011. Following the reverse stock split, the company expects to have approximately 5.8 million shares of common stock outstanding.
Kerry P. Gray, ULURU's Chairman, President, and Chief Executive Officer, stated, "We believe the reverse stock split will position the Company more favourably in the financial markets and enable us to attract institutional ownership of our stock."
As a result of the reverse stock split, every fifteen shares of the Company's common stock that were issued and outstanding on June 29, 2011 at 5:00 p.m. Eastern Time (the "Record Time") will be consolidated into one issued and outstanding share, effective as of the Record Time, without any change in the par value of such shares, and will commence trading on a consolidated basis at market opening on June 30, 2011.
No fractional shares of common stock will be issued as a result of the reverse stock split and shareholders of record will receive cash in lieu of fractional shares to which they would otherwise be entitled, based upon the closing price of ULURU's common stock on June 29, 2011.
The Company's transfer agent, Continental Stock Transfer & Trust Company, will send instructions to stockholders of record regarding the exchange of outstanding stock certificates for new book entry stock representing post-split shares of common stock.
About ULURU Inc.:
ULURU Inc. is a specialty pharmaceutical company focu
|SOURCE ULURU Inc.|
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