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"This reverse split was overwhelmingly approved by our shareholders in support of our plan to move the listing of our shares to a major exchange from the over-the-counter bulletin board," said Chris Stern, company chairman and CEO. "We believe that moving the listing will enhance the liquidity of our shares and improve our ability to attract new investors as we move ahead with our product development plans. We have filed the application to move our listing and will be working to facilitate and execute the listing move as fast as the stock exchange will allow us to do it. I'll have some additional comments on this in a blog posting on our company website later today."
The 1-for-15 reverse stock split will automatically convert 15 current shares of Oxygen Biotherapeutics, Inc. common stock into one new share of common stock. If the number of shares is not evenly divisible by the ratio of the reverse split, the shareholder's new share count will be rounded up to the nearest whole share. The reverse split, which was approved by shareholders on October 19, 2009, will reduce the number of outstanding shares of common stock from 293,985,804 to approximately 19,599,676.
Furthermore, the number of shares of common stock subject to outstanding stock options, warrants, or convertible securities, and the exercise prices and conversion ratios of those securities, will automatically be proportionately adjusted for the 1 to 15 ratio provided for by the reverse stock split. The number of authorized shares will not change.
When the reverse split takes effect, stockholders holding shares in "street name" through a brokerage account will have their shares automatically adjusted to reflect the reverse stock split on the effective date. The issuance of new stock certificates will not be required at this time.
About Oxygen Biotherapeutics, Inc.
Oxygen Biotherapeutics, Inc. is dedicated to commercializing innovative pharmaceuticals and medical devices in the field of oxygen therapeutics and Defense Medicine(TM). The company has developed a perfluorocarbon (PFC) therapeutic oxygen carrier and liquid ventilation product (Oxycyte(TM)) and has out-licensed an implantable glucose sensor. These products are based upon core technologies that include biomedical applications for PFCs as well as medical and industrial applications for biosensors. Each of the product candidates is designed with advantages over currently marketed products in major markets including traumatic brain injury, sickle cell crisis, trauma, wound care, decompression sickness, acute respiratory distress syndrome, stroke, myocardial infarction, surgery, diabetes wounds and ulcers, and cosmetic applications which are being marketed under the Dermacyte name. More information is available at www.oxybiomed.com.
Caution Regarding Forward-Looking Statements
This news release contains certain forward-looking statements by Oxygen Biotherapeutics, Inc. referring to plans to move the listing of the company's shares to a major exchange that involve risks and uncertainties and reflect the company's judgment as of the date of this release. There can be no assurance that those plans and expectations will be realized. Additional information concerning these and other risk factors affecting Oxygen Biotherapeutics, Inc.'s business can be found in the company's public periodic filings with the Securities and Exchange Commission, which are available via www.oxybiomed.com. Oxygen Biotherapeutics, Inc. disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
SOURCE Oxygen Biotherapeutics, Inc.
http://www.oxybiomed.com
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