NEW YORK (GenomeWeb News) - Clinical Data’s board of directors yesterday approved a 3-for-2 stock split that will give company stockholders one new share of common stock for every two shares they own.
The news drove the company's share price up nearly 13 percent to close at $34.38 yesterday. In late morning trading today, the company's shares had pulled back slightly to $33.96.
The split will occur Sept. 24, and the dividends will be distributed on Oct. 2, the company said.
When the split is complete, the company will have a total of around $20.5 million shares outstanding.
Company President and CEO Drew Fromkin said the split "reflects the confidence we have in the prospects of our company," and said it is "an opportunity to broaden our base of investors by making our stock more accessible while improving its liquidity.”