Biostar Pharmaceuticals Inc. (BSPM) announced that its Board unanimously approved a reverse split of its common stock at a ratio of 1-for-3, with anticipated trading on the post-split basis on NASDAQ commencing at the open of the stock market on April 4, 2012.
Accordingly, as of the effective date of the reverse split, each 3 shares of issued and outstanding common stock and equivalents will be converted into 1 share of common stock. In addition, the common stock will trade under a new CUSIP number.
The company's ticker symbol will remain unchanged. As a result of the reverse stock split, the number of outstanding common shares will be reduced to approximately 9,398,892, the company said.
Click here to receive FREE breaking news email alerts for Biostar Pharmaceuticals, Inc. and others in your portfolio
by RTT Staff Writer
For comments and feedback: email@example.com