Psychemedics批准终止普通股注册的计划

2024-08-13 04:25

Psychemedics (NASDAQ:PMD) on Monday announced a plan to cease the registration of the company’s common stock under the federal securities laws following the completion of a proposed reverse stock split and to delist its shares of common stock from trading on Nasdaq.
It is expected that this plan would be effectuated in the fall of 2024.
The company anticipates savings exceeding $900,000 on an annual basis as a result of the proposed deregistration and delisting transaction.
The proposed reverse stock split will be at a ratio between 1-for-4,000 and 1-for-6,000, in which holders of shares of the company’s outstanding common stock in an amount less than the reverse stock split ratio denominator would be cashed out at a price of $2.35 per share for their fractional shares.
In connection with the proposed reverse stock split, on August 12, the company entered into a stock purchase agreement with certain investors.
Pursuant to the agreement, the investors have agreed to purchase up to 1.6M shares of the company’s common stock at a purchase price of $2.35 per share, for an aggregate purchase price of up to $3.75M.
The company intends to use the proceeds from the issuance and sale of the common stock to purchase fractional shares of common stock resulting from the proposed reverse stock split and for working capital and general corporate purposes.
PMD +27.3% after hours to $2.33.
Source: Press Release

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