Mar. 18, 2010 (Business Wire) -- Cardima, Inc. (OTCBB: CADM) today announced that it has applied for the listing of its common stock on the NASDAQ® Stock Market.
The Company also announced that in order to meet minimum share price requirements in connection with its NASDAQ listing application, its shareholders have approved, in a special meeting of the shareholders of the Company on March 17, 2010, a reverse split of its common stock, at a ratio of not less than five-for-one and not greater than twelve-for-one, with the exact ratio to be set by its Board of Directors and filed with the Delaware Secretary of State no later than June 30, 2010. Following the filing, letters of transmittal will be sent to shareholders to effect the exchange of their certificates representing pre-reverse split shares for new certificates representing post-reverse split shares.
“We are pleased to be applying for this stock listing to move to the NASDAQ Stock Market,” said Tony Shum, Chairman of the Board of Directors. “This application marks an important strategic step to improve our stock’s liquidity as we continue to make progress on achieving our corporate objectives.”
Rob Cheney, Chief Executive Officer, commented: “The timing to initiate the reverse stock split and the NASDAQ application was carefully considered in conjunction with our current marketing efforts to promote our Surgical Ablation System for cardiac ablation procedures in Europe and domestically. We believe that the NASDAQ listing and the reverse stock split are in the best interest of our stockholders and the future growth of the Company.”
About Cardima
Cardima, Inc. has developed the PATHFINDER, TRACER™ and REVELATION® Series of diagnostic catheters, the VUEPORT® and NAVIPORT® Series of guiding catheters, the INTELLITEMP® Energy Management Device and the Surgical Ablation System. The Surgical Ablation Probe is intended for ablation of cardiac tissue using radio frequency (RF) energy during cardiac surgery. All of these Cardima devices have received CE mark approval and U.S. Food and Drug Administration (FDA) 510(k) clearance. The REVELATION Series of ablation catheters with the INTELLITEMP EP Energy Management Device, developed for the treatment of atrial fibrillation (AF), has received CE mark approval and is marketed in Europe.
PATHFINDER®, TRACER™, VUEPORT®, NAVIPORT®, REVELATION® and INTELLITEMP® are registered trademarks of Cardima, Inc.
Forward-Looking Statements
This press release may contain forward-looking statements. These statements are subject to risks and uncertainties. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements as contained in our reports to the Securities and Exchange Commission, including our Forms 10-K and 10-Q. The Company assumes no obligation to update the forward-looking information.
