Genaera seeks stockholder approval for reverse stock split

By Elaine Rigoli

Tampa, Fla., Aug. 9 - Genaera Corp. announced that its board of directors has authorized it to seek stockholder approval to authorize an amendment to its certificate of incorporation to effect a reverse stock split of its stock.

If approved by Genaera's stockholders, the board would be able to effect the reverse stock split based upon any of the following five ratios: one-for-six, one-for-seven, one-for-eight, one-for-10 or one-for-12.

The reverse stock split would affect all of the shares of common stock, including shares underlying stock options and warrants outstanding immediately prior to the effective date of the reverse stock split.

As of Aug. 9, Genaera had 104.6 million shares outstanding, according to a news release.

Genaera is a biopharmaceutical company based in Plymouth Meeting, Pa.

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