Insmed converts series B preferreds, plans reverse stock split

By Toni Weeks

San Diego, March 1 - Insmed Inc. said in a press release that has received shareholder approval for the proposal relating to the conversion of the company's series B conditional convertible preferred stock into common stock and the proposal relating to the one-for-10 reverse stock split of Insmed's common stock.

As a result of the approval for the conversion, the 91,745,892 outstanding shares of series B preferred stock were immediately converted into the same number of shares of common stock.

As a result of the approval for the stock split, Insmed intends to effect the one-for-10 reverse stock split by the close of business on March 2 by filing an amendment to its Articles of Incorporation with the State Corporation Commission of the Commonwealth of Virginia. When the amendment becomes effective, each share of outstanding common stock will automatically be reclassified and converted into one-10th of a share of Insmed common stock.

Based in Richmond, Va., Insmed is a biopharmaceutical company focused on the development of inhaled pharmaceuticals for the site-specific treatment of serious lung diseases.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.