KALA BIO Sets 1-for-30 Reverse Stock Split, Effective Nov. 13
Shares will begin trading split-adjusted on Nasdaq on Nov. 16, with the ticker KALA unchanged.
Key terms
- 1-for-30 reverse stock split effective 4:05 p.m. Delaware time, Nov. 13
- Split-adjusted trading on Nasdaq begins Nov. 16; ticker stays KALA
- Shares outstanding fall from 19,339,786 to approximately 644,659
- Fractional shares paid in cash based on the Nov. 12 closing price
KALA BIO, Inc. (Nasdaq: KALA) will carry out a 1-for-30 reverse stock split effective 4:05 p.m. Delaware time on Nov. 13, the company said in an 8-K filed Thursday, Nov. 12.
Under the split, every 30 shares of issued and outstanding common stock will be combined into one share, with no change in the $0.001 par value. The company's common stock will reduce from 19,339,786 shares to approximately 644,659 shares, subject to adjustment for the rounding up of fractional shares. Authorized shares remain unchanged at 1,500,000,000.
Shares will begin trading on a split-adjusted basis on the Nasdaq Capital Market on Monday, Nov. 16. The trading symbol will remain KALA, and the new CUSIP number will be 483119400.
Fractional shares
No fractional shares will be issued. Holders who would otherwise own a fractional share will receive a cash payment in lieu of it, based on the closing price on the Nasdaq Capital Market on Nov. 12. The company said the split will affect all stockholders uniformly and will not change any holder's percentage interest, except for fractional-share cash payments.
Approval and mechanics
Stockholders approved the amendment at the annual meeting on Nov. 3, granting the board discretion to set a ratio between 1-for-2 and 1-for-300. The board chose 1-for-30. Shares held through a brokerage account will be adjusted automatically. Holders of certificated shares do not need to exchange their certificates, though they may do so. Equity awards and warrants will be adjusted proportionally.
The filing does not state the reason for the split.
Sources
Written with AI from the company's SEC filing and our market data, and checked against those sources before publishing. Our editorial standards.
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More on KALA BIO
KALA page →Filings, figures and price history are on the KALA BIO page.