Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) today announced that its previously disclosed 1-for-6 reverse stock split has become effective, and will be reflected in the share price beginning today.
The reverse stock split applies to all of Ligand's outstanding common stock, reducing current outstanding shares (excluding treasury shares) from approximately 117.7 million to approximately 19.6 million. Shareholders will receive cash in lieu of fractional shares. In connection with the reverse split, Ligand also proportionately reduced the number of its authorized shares of common stock from 200.0 million to approximately 33.3 million shares.
Ligand's common stock will trade under the symbol "LGNDD" for a period of 20 trading days as a result of the reverse stock split. Ligand's common stock will also trade under a new CUSIP number.
Ligand's shareholders of record will receive a letter of transmittal and instructions from Ligand's transfer agent, BNY Mellon Shareowner Services, regarding the procedures for submitting their stock certificates in connection with the reverse stock split. Shareholders are encouraged to surrender their stock certificates in connection with the reverse stock split. Those shareholders holding Ligand common stock in "street name" will receive instructions from their broker if they need to take any action in connection with the reverse stock split.
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