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Biotech / Medical : CYPB - Cypress BioScience
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To: muddphudd who wrote (259)6/1/1998 11:35:00 PM
From: dwight martin  Read Replies (1) of 586
 
Hey Mudd-

There is a reverse split in the works acc'g to Proposal 2 in the Notice of Annual Meeting I got today along with the Annual Report.

At any time prior to the 1999 Annual Meeting of Stockholders, the Company could issue one new share "in exchange for between 2 and 4 shares of common outstanding. After the split, the total number of shares outstanding would be 50MM common and 15MM preferred.

I guess I'm wondering why this is necessary.
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