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Following Reverse Stock Split, Nuvelo Plans to Offer 4M Shares

Feb 19, 2004

NEW YORK, Feb. 19 (GenomeWeb News) - Nuvelo plans to offer 4 million shares of its common stock in a public offering, following a one-for-three reverse stock split later this month, the company said today.

 

After the reverse stock split, which the company expects to take effect on Feb. 23, Sunnyvale, Calif.-based Nuvelo estimates to have approximately 26 million shares outstanding.

 

The reverse split was necessary for Nuvelo to have a sufficient number of authorized shares for the expected size of the public offering, according to the company.

 

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