Cardica Announces 1-for-10 Reverse Stock Split
REDWOOD CITY, Calif., Feb. 17, 2016 (GLOBE NEWSWIRE) -- Cardica, Inc. (Nasdaq:CRDC) today announced a one-for-ten reverse stock split of its common stock, effective as of 12:01 a.m. Eastern Time on February 17, 2016. Beginning at the opening of trading on February 17, 2016, Cardica’s common stock will begin trading on a split adjusted basis, and the number of common shares outstanding will be decreased from 89 to 8.9 million shares.
The primary purpose of the reverse split is to enable the market price per-share of Cardica’s common stock to close above $1.00, which is a continued listing requirement of The NASDAQ Capital Market®. The NASDAQ Capital Market granted Cardica the ability to regain compliance by effecting the reverse stock split. Cardica’s common stock must close above $1.00 for ten consecutive trading days by March 10, 2016 in order to maintain its listing requirements.
Cardica’s stock will continue to trade on the NASDAQ Capital Market under the symbol “CRDC” although it is expected that the letter “D” will be appended to the ticker symbol for approximately twenty (20) trading days to indicate the completion of the reverse stock split. In addition, the common stock will trade under a new CUSIP number 14141R309 following the reverse split.
Upon the effective date of the reverse stock split, every 10 shares of Cardica common stock outstanding automatically combine into one (1) new share of common stock. Holders of common stock that would otherwise receive a fractional share of common stock pursuant to the reverse stock split will receive cash in lieu of the fractional share. The reverse stock split will affect all Cardica stockholders uniformly and will not affect any stockholder’s percentage ownership interests in Cardica.
Stockholders who hold their shares in electronic form at a brokerage firm need not take action as the shares will automatically be adjusted to reflect the reverse stock split. Beneficial holders may contact their bank, broker or nominee for more information. Stockholders holding physical certificates may (but are not required to), send their certificates to Cardica’s transfer agent at the address given below for reissuance in post-split form. Cardica’s transfer agent, Computershare Investor Services, will act as the exchange agent for this reverse stock split and will issue a new stock certificate reflecting the terms of the reverse stock split to each stockholder who submits a physical stock certificate with instructions for reissuance.
|Computershare, Inc.||Computershare, Inc.|
|PO Box 43014||250 Royall St.|
|Providence RI 02940-3014||Canton MA 02021|
|1 800 546-5141|
|1 781 575-2765|
Additional information regarding the reverse stock split can be found in Cardica’s definitive proxy statement (Form DEF 14A), filed with the SEC on December 28, 2015, posted in the "Investors" section of Cardica’s website at www.Cardica.com.
Cardica designs and manufactures proprietary stapling and anastomotic devices for cardiac and minimally invasive surgical procedures. Cardica's technology portfolio is intended to reduce operating time and facilitate minimally invasive and robot-assisted surgeries. Cardica’s MicroCutter XCHANGE® 30, that includes a cartridge-based articulating surgical stapling device with a five-millimeter shaft diameter and staples, is manufactured and cleared for use in the United States for transection and resection in multiple open or minimally invasive urologic, thoracic and pediatric surgical procedures, as well as application for transection, resection and/or creation of anastomoses in the small and large intestine and the transection of the appendix. The MicroCutter XCHANGE 30 white cartridge staple has application in vascular tissue. In addition, Cardica manufactures and markets its automated anastomosis systems, the C-Port® Distal Anastomosis Systems and PAS-Port® Proximal Anastomosis System for coronary artery bypass graft (CABG) surgery, and has shipped over 57,500 units throughout the world.
Bob Newell Vice President, Finance and Chief Financial Officer (650) 331-7133 email@example.com