Alimera Sciences Announces Boarda??s Approval of Reverse Stock Split Ratio

ATLANTA, Nov. 07, 2019 (GLOBE NEWSWIRE) -- Alimera Sciences, Inc. (Nasdaq: ALIM) (a??Alimeraa??), a leader in the commercialization and development of prescription ophthalmology treatments for the management of retinal diseases, announces that it will effect a one-for-15 reverse stock split (reverse split) of its common stock that will become effective on November 14, 2019 after the close of trading on The Nasdaq Global Market. On November 15, 2019, Alimeraa??s common stock will begin trading on a post-reverse split basis on The Nasdaq Global Market under the existing symbol a??ALIM.a??
The reverse split is primarily intended to bring Alimera into compliance with the minimum bid price requirement for maintaining its listing on The Nasdaq Global Market. The new CUSIP number for the common stock following the reverse split will be 016259202.At Alimeraa??s special meeting of stockholders on November 4, 2019, Alimeraa??s stockholders approved the proposal to authorize Alimeraa??s board of directors, in its sole and absolute discretion, to file an amendment to Alimeraa??s restated certificate of incorporation to effect the reverse split at a ratio to be determined by the board, ranging from one-for-five to one-for-30. On November 7, 2019, the board approved the reverse split at a ratio of one-for-15, with the timing described above.A The reverse split will affect all issued and outstanding shares of Alimeraa??s common stock. All outstanding options, preferred stock, restricted stock units, warrants and other securities entitling their holders to purchase or otherwise receive shares of Alimeraa??s common stock will be adjusted as a result of the reverse split, as required by the terms of each security. The number of shares available to be awarded under Alimeraa??s 2019 Omnibus Incentive Plan and the number of shares that are purchasable under Alimeraa??s 2010 Employee Stock Purchase Plan will in each case also be appropriately adjusted. The par value of Alimeraa??s common stock will remain unchanged at $0.01 per share after the reverse split. The reverse split will not change the authorized number of shares of Alimeraa??s common stock or preferred stock. No fractional shares will be issued in connection with the reverse split, and stockholders who would otherwise be entitled to receive a fractional share will instead receive a cash payment equal to such fraction multiplied by the average of the closing sales prices of the common stock (as adjusted to give effect to the reverse split) on The Nasdaq Global Market for the five consecutive trading days immediately preceding the effective date.A  The reverse split will affect all stockholders uniformly and will not alter any stockholdera??s percentage interest in Alimeraa??s equity (other than as a result of the payment of cash in lieu of fractional shares).The reverse split will reduce the number of shares of common stock issued and outstanding from approximately 74.45 million to approximately 4.96 million.
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