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Biotech / Medical : GNBT Generex -- Ignore unavailable to you. Want to Upgrade?

To: MJ who wrote (290)	10/11/2010 10:45:15 AM
From: MJ	Respond to of 310

Here is the NEWS FOR GNBT FOR TODAY, Oct. 11th Generex Plans Rights Offering to Stockholders Following Reverse Stock SplitLast update: 10/11/2010 10:31:00 AMWORCESTER, Mass., Oct 11, 2010 /PRNewswire via COMTEX/ -- Generex Biotechnology Corporation (GNBT) () today announced that it plans to initiate a rights offering of common stock and warrants to its existing stockholders in the event that the stockholders approve a reverse stock split at the reconvened special meeting of stockholders scheduled for 10 a.m. EDT on Friday, October 15, 2010. The amount of the offering has not been determined, but is anticipated to permit an aggregate investment of at least $25,000,000. Certain warrant holders also will have the right to participate in the offering. Generex is preparing to file a registration statement with the Securities and Exchange Commission forthwith following stockholder approval of a reverse stock split. Generex expects the commencement of the offering and the distribution of rights to occur promptly following effectiveness of the registration statement. Generex expects to use the proceeds from the rights offering primarily to fund its on-going research & development and product commercialization initiatives and the proposed acquisition of Global Medical Direct, LLC. The record date for the distribution of the rights and the dates for both the subscription period and the expiration of the rights offering will be included in the final prospectus. Under the proposed terms of the rights offering, Generex would distribute one right to each holder of record of every share of its common stock that is held on the record date. Each transferable right will entitle the stockholder to purchase one unit at a subscription price to be determined prior to the effective date of the registration statement. Each unit will consist of one share of common stock and two warrants to purchase additional shares of common stock. This press release does not constitute an offer of any securities for sale or a solicitation of an offer to buy any securities. Forward-Looking Statements