NORCROSS, Ga.–(BUSINESS WIRE)–#cervicalcancer–Guided Therapeutics, Inc. (OTCQB: GTHP) today announced a one-for-eight
hundred (1:800) reverse split of its issued and outstanding common
stock. The reverse stock split will be implemented when the market opens
on Monday, November 9, 2016 and Guided’s common stock will begin trading
on a split-adjusted basis at that time, with a “D” temporarily appended
to the end of its ticker symbol for 20 business days to signify the
In addition, on November 2, 2016, Guided completed the last of a series
of agreements with various holders of its convertible debt and equity
securities to effectively eliminate the ability of those holders to
convert their securities into common stock using a formula that relies
on fluctuating market prices to determine the number of shares of common
stock to be issued on conversion. Because these provisions can lead to
dramatic stock price reductions and corresponding negative effects on
stockholders, these types of securities have colloquially been called
“toxic” convertibles. Going forward, all holders of Guided securities
with such provisions have either exchanged, or agreed to exchange, those
securities for securities with fixed-conversion formulas, which will
effectively limit the reduction in earnings per share and proportional
ownership that occurs when holders of convertible securities convert
those securities into common stock.
“This exchange was the final piece in having all preferred stock and
debt to be converted at a fixed price. This event marks an important
milestone in the Company’s ability to fix its capital structure,” said
Gene Cartwright, Guided Therapeutics CEO and President.
The reverse stock split affects all issued and outstanding shares of
Guided’s common stock, as well as shares of common stock underlying
stock options, warrants and convertible preferred stock outstanding
immediately prior to the reverse stock split. Guided’s stockholders
granted authority to the Board of Directors to effect the reverse stock
split at the 2016 annual meeting of stockholders held on September 23,
Upon the reverse stock split, every 800 shares of issued and outstanding
common stock is automatically converted into 1 share of common stock.
Fractional shares are rounded up to a full share. The reverse stock
split does not impact any stockholder’s percentage ownership or voting
power, except for minimal effects resulting from the treatment of
fractional shares. Following the reverse stock split, the number of
outstanding shares of common stock is reduced by a factor of 800. There
is no change in the number of authorized shares of common stock that
Guided has authority to issue.
Computershare Inc. is acting as exchange agent for the reverse stock
split. Stockholders holding their shares in book-entry form or through a
bank, broker or other nominee do not need to take any action in
connection with the reverse stock split, and will see the impact of the
reverse stock split automatically reflected in their accounts.
Beneficial holders may contact their bank, broker or nominee for more
information. For those stockholders holding physical stock certificates,
Computershare will send instructions for exchanging those certificates
for shares held in book-entry form or for new certificates, in either
case representing the post-split number of shares. Computershare can be
reached at (800) 962-4284.
About Guided Therapeutics
Guided Therapeutics, Inc. (OTCQB: GTHP, temporarily GTHPD) is the maker
of a rapid and painless testing platform based on its patented
biophotonic technology that utilizes light for the early detection of
disease at the cellular level. The Company’s first product is the
LuViva® Advanced Cervical Scan, a non-invasive device used to detect
cervical disease instantly and at the point of care. In a multi-center
clinical trial, with women at risk for cervical disease, the technology
was able to detect cervical cancer up to two years earlier than
conventional modalities, according to published reports. For more
information, visit: www.guidedinc.com.
The Guided Therapeutics LuViva® Advanced Cervical Scan is an
investigational device and is limited by federal law to investigational
use in the U.S. LuViva, the wave logo and “Early detection, better
outcomes” are registered trademarks owned by Guided Therapeutics, Inc.
Forward-Looking Statements Disclaimer: This press release contains
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. These statements are based on
management’s current expectations and actual results may differ
materially as a result of various risks and uncertainties. Other factors
that could cause actual results to differ from those reflected in the
forward-looking statements are set forth in the Company’s prior press
releases and periodic public filings with the Securities and Exchange
Commission, which are available via Guided’s website at www.guidedinc.com.
The forward-looking statements in this press release are made as of the
date of this press release and Guided does not undertake to revise or
update these forward-looking statements, except to the extent that it is
required to do so under applicable law.
Guided Therapeutics, Inc.
Bill Wells, 770-242-8723