Nuvo Research Inc. (TSX: NRI) (the "Company" or "Nuvo"), a specialty pharmaceutical company dedicated to building a portfolio of products for the topical treatment of pain and the development of its immune modulating drug candidate WF10, today announced that it will proceed with its proposed share consolidation (the "Consolidation"), as approved by the shareholders of Nuvo at the annual and special meeting held on May 15, 2012, on the basis of 65 pre-Consolidation common shares for one (1) post-Consolidation common share.
The Company expects that the Consolidation will reduce the number of outstanding common shares from approximately 568.5 million to approximately 8.7 million. Nuvo will not change its name as part of the Consolidation, but will issue new share certificates under a new CUSIP number, which is 67072X505. The Company has received conditional approval from the Toronto Stock Exchange (the "TSX") to effect the Consolidation and subject to final confirmation by the TSX, it is expected that the post-Consolidation common shares will begin trading on the TSX at the opening of markets on or about May 9, 2013. The post-Consolidation common shares will continue to trade on the TSX under the symbol "NRI".
"This share consolidation allows Nuvo to attract both U.S. and Canadian institutional investors that avoid penny stock investments and improves our capital structure," said Stephen Lemieux , Nuvo's Vice-President and Chief Financial Officer. "It will also allow Nuvo to continue its capital market strategy of listing its shares on a U.S. based stock exchange in the future."
Letters of transmittal with respect to the Consolidation will be mailed out to all registered shareholders by the Company's transfer agent, Canadian Stock Transfer Company Inc. ("CST"). The letter of transmittal describes the process by which shareholders may obtain new share certificates representing their post-Consolidation common shares and all registered shareholders will be required to send their share certificates representing pre-Consolidation common shares with a properly executed letter of transmittal to CST, in accordance with the instructions provided in the letter of transmittal. Shareholders who hold their common shares through a broker or other intermediary and do not have common shares registered in their name will not need to complete a letter of transmittal.
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