Oct. 19, 2009 (PR Newswire) --
TUSTIN, Calif., Oct. 19 /PRNewswire-FirstCall/ -- Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM) today announced that the previously announced 1-for-5 reverse stock split of the Company's common stock will become effective at 9:30 a.m. EDT today. Peregrine's shares will continue to trade on the NASDAQ Capital Market under the symbol "PPHM", with the letter "D" added to the end of the trading symbol for a period of 20 trading days to indicate the reverse stock split has occurred. The Company's symbol will revert back to its original symbol "PPHM" on November 16, 2009. Peregrine's common stock has been assigned the new CUSIP number 713661 304.
Additional information about the reverse stock split is available in Peregrine's definitive proxy statement filed with the Securities and Exchange Commission on August 28, 2008 and the Form 8-K filed on October 19, 2009.
The 1-for-5 reverse stock split automatically converts five current shares of Peregrine's common stock into one new share of common stock. The reverse split, which was approved by Peregrine shareholders in October 2008, reduces the number of shares of outstanding common stock from approximately 237 million as of the filing of the Company's most recent Quarterly Report on Form 10-Q to approximately 47.4 million. It also affects all issued and outstanding shares of the Company's common stock and shares of common stock underlying stock options and warrants that are outstanding immediately prior to the effective date of the reverse stock split. Each shareholder's new share count will be rounded up to the nearest whole share if the number of shares is not evenly divisible by the ratio of the reverse split. The reverse stock split will not negatively affect any of the rights that accrue to holders of Peregrine common stock and shares of common stock underlying stock options and warrants that are outstanding immediately prior to the effective date of the reverse stock split.
When the reverse split takes effect, shareholders holding certificated shares or shares 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, however, stockholders may, if they choose, obtain a new certificate from Peregrine's transfer agent for a customary exchange and mailing fee. Additional information will be directly mailed to holders of certificated shares.
For more information on Peregrine's reverse stock split, see the Reverse Stock Split FAQs at www.peregrineinc.com.
About Peregrine Pharmaceuticals
Peregrine Pharmaceuticals, Inc.
