The market turned. It gave life to the moves of Love, and it's fun to have watched as NUVO dug out. But doesn't the SEC have an obligation to do something when a management team lies, with intent, in a prospectus?
Nuvelo Declares 1-for-3 Reverse Stock Split
Thursday February 19, 11:55 am ET
SUNNYVALE, Calif. (Dow Jones)--Nuvelo Inc. (NasdaqNM:NUVO - News) will implement a 1-for-3 reverse stock split, expected to take effect on Feb. 23.
In a news release, Nuvelo said the reverse split was approved by shareholders in June 2003 and is being implemented at this time to facilitate a public offering of 4 million common shares, also announced Thursday.
Without initiating the reverse split now, Nuvelo would have had an insufficient number of authorized shares for the expected size of the offering, it noted.
After giving effect to the reverse split, Nuvelo will have about 26 million shares outstanding, subject to rounding for fractional shares. The number of shares of common stock authorized for issuance under Nuvelo's amended and restated Certificate of Incorporation will remain at 100 million shares.
Nuvelo expects the company's common stock to begin trading on a split-adjusted basis when trading opens on Feb. 23, with the interim ticker symbol "NUVOD." After 20 days, it expects that the "D" designation (signifying the reverse split) will be removed, and its ticker symbol will revert to "NUVO."
Nuvelo discovers and develops therapeutics for the treatment of human disease.
Company Web Site: nuvelo.com
-Carolyn King, Dow Jones Newswires; 416-306-2100 |
