Oct 11 (Reuters) - Somaxon Pharmaceuticals Inc :
* Approves 1-for-8 reverse stock split and decrease in the number of authorized
shares of its common stock to 25,000,000 shares
* Says somaxon's shares will trade on a post-split basis beginning on October
12, 2012* Source text:
Somaxon Pharmaceuticals, Inc. (Nasdaq:SOMX), a specialty pharmaceutical company, today announced that its Board of Directors approved a 1-for-8 reverse stock split of its common stock and a decrease in the number of authorized shares of its common stock from 100,000,000 to 25,000,000 shares. The reverse stock split and the decrease in the number of authorized shares of common stock were authorized by Somaxon's stockholders at a special meeting held on October 5, 2012. The reverse stock split will become effective as of 5:00 p.m. Pacific Time on October 11, 2012 and Somaxon's shares will trade on a post-split basis beginning on October 12, 2012. The new CUSIP number for Somaxon's common stock will be 834453 201.
In connection with the reverse stock split, every eight shares of Somaxon's issued and outstanding common stock will automatically be combined into one issued and outstanding share without any change in the par value of the shares. Stockholders of record will receive cash in lieu of fractional shares to which they otherwise would be entitled based upon the closing sale price per share of Somaxon's common stock on October 11, 2012.
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