OAKLAND PARK, FL--(Marketwired - January 27, 2015) - Biostem Technologies, Inc. (OTC PINK: BSEM), today announced that it has completed a 1-for-400 reverse split of its common stock, for all stockholders of record as of January 12th, 2015, effective as of the commencement of trading January 27th, 2015.
"Completing this reverse stock split is an important step in our plan to improve our company's capital structure, increase our per share market price, and improve the company's stock to become more attractive to a broader group of investors and establish Biostem Technologies as a highly-regarded, biotechnology company. In addition, this recapitalization should allow us to Improve our OTC Markets Group listing, which we expect will provide improved confidence as we continue to advance Biostem Technologies towards our future strategy of up-listing to a national stock exchange and to raise awareness and visibility with the biotech investors," stated Jason Matuszewski, Chairman and President of Biostem Technologies Inc.
As a result of the reverse stock split, every 400 shares of common stock will be combined and reclassified into one share of the company's common stock. The company's symbol will remain unchanged, however, the stock will trade under the symbol "BSEMD" with the "D" added for 20 trading days to signify that the reverse stock split has occurred.
No fractional shares will be issued in connection with the reverse stock split. Any fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share. The number of shares of common stock underlying the options, warrants, convertible securities or other rights to acquire shares of common stock will be adjusted accordingly.
About Biostem Technologies, Inc. (BSEM):
Biostem Technologies, Inc. is focused on helping individuals protect and ensure their future quality of life through the practice of regenerative medicine in the United States and the Dominican Republic. BSEM's mission is not only to allow patients to store their Stem Cells for future use, but also perform patient funded stem cell therapies ranging from sports injuries to degenerative diseases such as MS, Arthritis, Degenerative Heart Diseases, Diabetes and a host of experimental therapies in the brain trauma disease sector including CTE. Our goal is to become a global leader in establishing protocols that can be patented and utilized to heal patients around the world.
Forward-Looking Statements Except for statements of historical fact, the matters discussed in this press release are forward looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "expects," "believe" or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. The Company disclaims any obligation to update or revise any forward-looking statements.