Advanced Cell Technology (OTCBB: ACTC) files Definitive Proxy
ACT files Definitive Proxy
Record Date of 3/1/12 and Annual Meeting Date of 4/26/12
ACTC.OB has filed with the SEC a proxy statement containing a shareholder proposal for a reverse split of its common stock.
The annual meeting of stockholders will be held on Thursday, 4/26, at the Hyatt Regency Suites, Palm Springs, 285 N. Palm Canyon Dr., Palm Springs, Calif., 92262 to consider the following proposals:
- Election of 5 directors,
- Ratify the appointment of the public accounting firm,
- A proposal to effect a reverse stock split of the common stock, at a ratio between 1-for-20 and 1-for-80, and
- To reduce the number of authorized shares of ACT’s common stock in the same proportion as the reverse split, with the exact ratio to be determined by the board of directors.
Gary Rabin, chairman and CEO of ACT. “I hope that our stockholders understand how important it is to vote ‘For’ the reverse stock split. A Nasdaq listing will enable us to significantly broaden our shareholder base and attract institutional ownership, a process that can build on itself to position the company on very firm financial footing over the long term.”
The Bottom Line: This reverse stock split should better align the capital structure with its stage of development, <and comparables, to be appropriately ranked> and an accompanying NASDAQ listing application will represent a significant step toward creating long-term shareholder value.