Sontra Medical Completes 1-For-10 Reverse Stock Split
August 11 2006 - 9:07AM
PR Newswire (US)
FRANKLIN, Mass., Aug. 11 /PRNewswire-FirstCall/ -- Sontra Medical
Corporation (NASDAQ:SONTD) today announced it has completed a
1-for-10 reverse stock split of the Company's issued and
outstanding common stock. The reverse stock split was effective
with respect to shareholders of record at 5:00 p.m., eastern time,
on August 10, 2006. As a result of the reverse stock split, each
ten shares of issued and outstanding common stock were combined and
were reclassified into one share of common stock and the total
number of shares outstanding was reduced from approximately
27,207,995 shares to approximately 2,720,799 shares. No fractional
shares were issued in connection with the reverse stock split.
Shareholders who are entitled to fractional shares will receive
cash in lieu of fractional shares. The exercise or conversion
price, as well as the number of shares of common stock that can be
issued upon exercise or conversion of the Company's outstanding
stock options, warrants and shares of Series A Preferred Stock,
will be proportionately adjusted to reflect the reverse stock
split. The number of shares reserved for issuance under the
Company's equity compensation plans will also be reduced
proportionately. As of the opening of the Nasdaq Capital Market on
August 11, 2006, the Company's common stock will begin trading at
the split-adjusted level. For a period of 20-trading days, the
Company's common stock will trade on a post- split basis under the
trading symbol "SONTD". After this 20-trading day period, the
Company's common stock will resume trading under the symbol "SONT".
The Board of Directors approved the reverse stock split to help the
Company regain compliance with the Nasdaq Capital Market's $1
minimum bid price continued listing requirement. About Sontra
Medical Corporation (http://www.sontra.com/) Sontra Medical
Corporation is a technology leader in transdermal science and is
developing a non-invasive, continuous transdermal glucose monitor
("CTGM") for principal use in the Intensive Care Market. Through
its platform technology, the SonoPrep(R) Permeation System,
combined with technical competencies in transdermal drug
formulation, analysis, delivery systems and biosensors, the Company
is creating a new paradigm in transdermal drug delivery and
diagnosis. The CTGM and other company products are being developed
for several billion dollar market opportunities, all utilizing skin
permeation, chemistry and biosensor technology developed by the
Company. In addition, the Company is developing products for
transdermal delivery of large molecule drugs and vaccines. This
press release contains forward-looking statement. Statements that
are not historical facts, including statements about our beliefs
and expectations, are forward-looking statements and include
statements regarding our planned strategic initiatives and our
ability to maintain a listing on Nasdaq. Such statements are based
on our current expectations and are subject to a number of factors
and uncertainties, which could cause actual results to differ
materially from those described in the forward-looking statements.
Such factors and uncertainties include, but are not limited to,
that the Company will not be successful in its attempt for
continued listing, and risks related to our planned strategic
initiatives, including that such initiatives may not occur as
planned or that they do not result in continued listing. Forward-
looking statements speak only as of the date they are made, and we
undertake no duty or obligation to update any forward-looking
statements in light of new information or future events, unless
required by law. For detailed information about factors that could
cause actual results to differ materially from those described in
the forward-looking statements, please refer to Sontra's filings
with the Securities and Exchange Commission, including Sontra's
most recent Quarterly Report on Form 10-QSB. We do not undertake
any obligation to update forward-looking statements made by us.
SonoPrep is a registered trademark of Sontra Medical Corporation.
All other company, product or service names mentioned herein are
the trademarks or registered trademarks of their respective owners.
Investor Relations Contact: Harry G. Mitchell, CFO 508-530-0311
DATASOURCE: Sontra Medical Corporation CONTACT: Harry G. Mitchell,
CFO of Sontra Medical Corporation, +1-508-530-0311, Web site:
http://www.sontra.com/
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