Genkyotex reports launch of 10-for-1 reverse stock split of its shares.
NORDIC BUSINESS REPORT-February 27, 2019-Genkyotex reports launch of 10-for-1 reverse stock split of its shares
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Genkyotex (Paris:GKTX) (Brussels:GKTX), a biopharmaceutical company and a provider of NOX therapies, announced on Tuesday the launch of the 10-for-1 reverse stock split, as approved by Genkyotex' shareholders at the 24 January 2019 Extraordinary General Meeting.
According to the company, this technical adjustment is purely arithmetical and has no impact on the value of Genkyotex shares held by the shareholders.
This reverse stock split process will start as of 26 February 2019, in accordance with the terms of the reverse stock split notice. Genkyotex' reverse stock split will become effective on 29 March 2019.
All of the company's shareholders will automatically receive from their financial intermediary one new Genkyotex share with a par value of EUR1.00 and all rights pertaining to shares, in exchange for 10 existing Genkyotex shares with a par value of EUR0.10. This reverse stock split will thus reduce the number of outstanding common shares from approximately 79.3 million with a par value of EUR0.10 to approximately 7.9 million with a par value of EUR1.00.
Shareholders who hold a total number of shares that is an exact multiple of 10 will not need to take any action and the reverse stock split will be carried out automatically on 29 March 2019. Shareholders who do not hold a total number of shares that is an exact multiple of 10 must, between 26 February 2019 and 28 March 2019 inclusive, deal with their fractional shares by purchasing or selling directly on the market the number of existing Genkyotex shares needed to obtain a multiple of 10.
After 28 March 2019, shareholders who have been unable to obtain a number of shares that is an exact multiple of 10 will be compensated for their remaining fractional shares by their financial intermediary within 30 days from 29 March 2019.
Also, the existing Genkyotex shares (ISIN code: FR0011790542) will be delisted from Euronext and will be replaced by the new Genkyotex shares (ISIN code: FR0013399474) on 29 March 2019. The ticker will remain unchanged at 'GKTX'.
All operations relating to Genkyotex' reverse stock split will be managed by CIC - Centralisation et Domiciliation, 6 avenue de Provence, 75009 Paris, as the centralisation agent.
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