Arena Pharmaceuticals Announces Shareholders and Board of Directors Approve Reverse Stock Split
Arena Pharmaceuticals, Inc. (ARNA)
Last arena pharmaceuticals, inc. earnings: 2/26 04:01 pm
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US:NASDAQ Investor Relations:
invest.arenapharm.com/investor-relations
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Source: PR Newswire
SAN DIEGO, June 14, 2017 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (NASDAQ: ARNA), today announced that at the annual meeting of stockholders, held June 13, 2017, stockholders voted to approve a proposal authorizing the Board of Directors of the Company to amend the Company's certificate of incorporation to effect a reverse stock split of Arena's outstanding common shares at an exchange ratio of 1-for-10, and a change in the number of authorized shares of common stock to 73.5 million shares. Arena's Board of Directors had previously directed that the proposal be submitted to the shareholders for approval and has subsequently determined that the reverse stock split will take effect at 5:00pm ET on June 16, 2017. Beginning with the opening of trading on June 19, 2017, the Company's common stock will trade on a split-adjusted basis."We started last year with a charter to reset Arena. This reverse stock split is another step toward driving long-term shareholder value," stated Amit Mun
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