18th Nov 2013 11:02
LONDON (Alliance News) - Akers Biosciences Inc. Monday announced the conversion of preferred shares and consolidation of its issued share capital ahead of the company's proposed listing on NASDAQ in the US.
The biotechnology company said 10 million preferred shares, which are held by Director Thomas Knox, are to be converted into 50 million new common shares with the payment of USD500,000 to the company.
The company said that under the share consolidation plan, shareholders will exchange 156 existing shares for 1 new consolidated common share of November 20, prior to the company's proposed listing on NASDAQ. Following the conversion and consolidation, the company will have 2.1 million sharess in issue and will apply for the consolidated shares to be traded on AIM from November 22.
Akers Biosciences shares were down 6.3% at 3.70 pence Monday
By Tom McIvor; [email protected]; @TomMcIvor1
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