TransEnterix Announces Plan for Reverse Stock Split
30 Octubre 2019 - 4:18AM
Business Wire
● Company’s action intended to increase the market price of its
Common Stock in connection with its previously-announced pursuit of
strategic alternatives
● Special Meeting of Stockholders to approve Reverse Stock Split
scheduled for December 18, 2019
● Preliminary Proxy Statement filed with the U.S. Securities and
Exchange Commission
TransEnterix, Inc. (NYSE American: TRXC) a medical device
company that is digitizing the interface between surgeons and
patients to improve minimally invasive surgery, today announced
that its Board of Directors has approved a proposal, to be
submitted to stockholders for approval at a Special Meeting of
Stockholders anticipated to be held on December 18, 2019, to
authorize the Board of Directors to effect a reverse stock split of
the Company’s common stock. The reverse stock split proposal
includes a proposed range between 1-for-10 and 1-for-40 shares of
outstanding common stock. The final ratio will be determined by
TransEnterix's Board of Directors after stockholder approval. In
addition, if the reverse stock split selected is in the range of
1-for-20 to 1-for-30, the authorized common stock would be reduced
to 500,000,000 shares, and if the range selected is greater than
1-for-30, the authorized common stock would be reduced to
250,000,000 shares.
“We have proactively initiated this reverse stock split to
better position the company for long term success,” said Todd M.
Pope, President and Chief Executive Officer of TransEnterix. “We
believe that there are many potential benefits to increasing the
price per common share and reducing the overall number of shares
outstanding, including making the company’s stock more attractive
to investors, reducing the daily volatility of our share price, and
positioning the company to pursue capital-raising transactions as
part of its evaluation of strategic alternatives available to the
company.”
TransEnterix filed a preliminary proxy statement with the U.S.
Securities and Exchange Commission as required by the SEC rules.
The proposal requires the affirmative vote of a majority of votes
cast by stockholders entitled to vote. Stockholders may obtain a
free copy of the preliminary proxy statement and other documents
that the Company files with the SEC at the SEC’s website at
www.sec.gov. The company will file with the SEC and distribute to
its stockholders a definitive proxy statement regarding the special
meeting and the reverse stock split proposal. The company will
issue another press release when the definitive proxy statement is
filed.
About TransEnterix
TransEnterix is a medical device company that is digitizing the
interface between the surgeon and the patient to improve minimally
invasive surgery by addressing the clinical and economic challenges
associated with current laparoscopic and robotic options in today's
value-based healthcare environment. The Company is focused on the
commercialization of the Senhance Surgical System, which digitizes
laparoscopic minimally invasive surgery. The system allows for
robotic precision, haptic feedback, surgeon camera control via eye
sensing and improved ergonomics while offering responsible
economics. The Senhance Surgical System is available for sale in
the US, the EU, Japan and select other countries. For more
information, visit www.transenterix.com.
Forward-Looking Statements
This press release includes statements relating to the reverse
stock split proposal and the company’s plans to file definitive
proxy materials and seek stockholder approval for a reverse stock
split of the company’s common stock. These statements and other
statements regarding our future plans and goals constitute
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, and are intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. Such statements are subject to risks
and uncertainties that are often difficult to predict, are beyond
our control and which may cause results to differ materially from
expectations and include when the reverse stock split proposal will
be presented to stockholders for approval, whether the reverse
stock split proposal will be approved by the company’s stockholders
at a special meeting, and whether the reverse stock split, if
implemented, will have the desired impact on the company’s stock
price. For a discussion of the risks and uncertainties associated
with TransEnterix and its business, please review our filings with
the Securities and Exchange Commission (SEC), including our Annual
Report on Form 10-K for the year ended December 31, 2018, filed
with the SEC on February 27, 2019 and our other filings we make
with the SEC. You are cautioned not to place undue reliance on
these forward-looking statements, which are based on our
expectations as of the date of this press release and speak only as
of the origination date of this press release. We undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20191030005464/en/
TransEnterix, Inc. Investor Contact: Mark
Klausner, 443-213-0501 invest@transenterix.com or Media
Contact: Terri Clevenger, 203-682-8297
terri.clevenger@icrinc.com
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