MetaStat takes action to enact a 1-for-15 reverse stock split as the
next step in the process of uplisting its stock on a national securities
exchange
BOSTON -- (Business Wire)
MetaStat, Inc. (OTCQB:MTST), a molecular diagnostic company, today
announced that effective 7:00 a.m. Eastern Standard Time, October 8,
2015, the company will implement a 1-for-15 reverse split of its common
stock for the purpose of qualifying for the minimum stock price
requirement for listing on a national securities exchange, such as the
NASDAQ Capital Market or NYSE Market. The company’s common stock will
begin trading on a post-split basis on the OTCQB under the temporary
symbol “MTSTD” effective with the open of trading tomorrow, October 8,
2015.
“This is an important step in our previously announced capital markets
strategy to increase the liquidity and visibility of MetaStat’s common
stock on behalf of shareholders” said Douglas A. Hamilton, President and
Chief Executive Officer of MetaStat. “Uplisting to a national securities
exchange will allow greater access to capital to help commercialize our
first product offering and expand the depth and breadth of our product
pipeline.”
The reverse stock split was approved by MetaStat’s board of directors on
January 29, 2015 and by the shareholders at a special shareholders
meeting on June 22, 2015. On the effective date of the reverse split,
every 15 shares of issued and outstanding common stock will become 1
share of newly issued and outstanding common stock. The reverse stock
split will not affect any shareholder’s ownership percentage of
MetaStat. Any fractional shares resulting from the reverse split will be
rounded up to the nearest whole share. The company’s common stock will
also trade under a new CUSIP number of 59140A203.
Regulatory approval for the reverse stock split was granted by the
Financial Industry Regulatory Authority (FINRA) on October 6, 2015.
Shareholders should direct any questions concerning the reverse split to
their broker or the company’s transfer agent, TranShare Corporation,
(303) 662-1112.
About MetaStat, Inc.
MetaStat, Inc. (MTST) is a molecular diagnostic company that develops
and commercializes tissue-based diagnostic tests for prediction of
cancer metastasis, the process by which cancer spreads from a primary
tumor through the bloodstream to other areas of the body. MetaStat is
focused on breast, lung, colorectal and prostate cancers, where
aggressive cancer is responsible for approximately 90% of all deaths.
Both the MetaSite Breast™ and MenaCalc™ assays are designed to
accurately stratify patients based on the aggressiveness of their tumor
and risk the cancer will spread. MetaStat's testing platform improves
treatment planning decisions by positively identifying patients at
high-risk of metastasis who need aggressive therapy and by sparing
patients with a low-risk of metastasis from the harmful side effects and
expense of chemotherapy. The company is based in Boston, MA.
Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and such
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. You
are cautioned that such statements are subject to a multitude of risks
and uncertainties that could cause future circumstances, events or
results to differ materially from those projected in the forward-looking
statements as a result of various factors and other risks, including
those set forth in the company's Form 10-K filed with the Securities and
Exchange Commission. You should consider these factors in evaluating the
forward-looking statements included herein, and not place undue reliance
on such statements. The forward-looking statements in this release are
made as of the date hereof and the company undertakes no obligation to
update such statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151007006517/en/
Contacts:
MetaStat
Rick Pierce, 617-531-0874
Rpierce@metastat.com
Source: MetaStat, Inc.
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