(Source: PRNewswire)
CAMBRIDGE, Mass., Sept. 8 /PRNewswire-FirstCall/ -- Verenium Corporation (Nasdaq: VRNM), a pioneer in the development of next- generation cellulosic ethanol and high-performance specialty enzymes, today announced that the previously announced 1-for-12 reverse stock split of the Company's common stock will take effect after market close on Wednesday, September 9, 2009. Verenium's shares will continue to trade on the NASDAQ Global Market under the symbol VRNM. A new CUSIP number will be assigned to Verenium's common stock when the split becomes effective.
The 1-for-12 reverse stock split will automatically convert 12 shares of the Company's common stock into one share of common stock, reducing the number of shares of the Company's common stock outstanding from approximately 111.3 million as of the filing of the Company's most recent Quarterly Report on Form 10-Q, to approximately 9.3 million shares. Shares of the Company's common stock, underlying stock options, warrants and convertible debt instruments that are outstanding immediately prior to the effective date of the reverse stock split will be affected proportionately. Cash will be paid in lieu of any fractional shares resulting from the reverse stock split.
Verenium's transfer agent, American Stock Transfer, is the exchange agent for the reverse split and will distribute a letter of transmittal to record holders with instructions for the surrender of old stock certificates. For beneficial holders of pre-reverse split shares, the brokerage firm where the beneficial shares are held will make the appropriate adjustment to the number of shares held following the effective date of the reverse split.
About Verenium
Verenium Corporation is a leader in the development and commercialization of cellulosic ethanol, an environmentally- friendly and renewable transportation fuel, as well as high- performance specialty enzymes for applications within the biofuels, industrial, and animal health markets. The Company possesses integrated, end-to-end capabilities and cutting-edge technology in pre-treatment, novel enzyme development, fermentation and project development for next-generation biofuels. Through a joint venture with BP, the Company is moving rapidly to commercialize its proprietary technology for the production of ethanol from a wide array of non-food feedstocks, including dedicated energy crops, agricultural waste, and wood products. In addition to the vast potential for biofuels, a multitude of large-scale industrial opportunities exist for the Company for products derived from the production of low-cost, biomass-derived sugars.
