China Biopharma effects one for 100 stock split

Hangzhou-based China Biopharma has filed with the Secretary of State of Delaware, USA, an amendment to its certificate of incorporation to effect a one for 100 reverse stock split. The firm's common stock began trading on a reverse-split basis on September 15 under the new symbol CHBO.

By unanimous written consent dated July 3, the board of directors adopted an amendment to the company's CoI to effect the stock split. The holders of a majority of the outstanding shares of common stock subsequently approved the filing of the amendment and the reverse split contemplated thereby.

As a result, each 100 outstanding shares, par value $.0001 each, will be combined into one share of common stock provided, however, that upon such combination, the corporation will not issue fractional shares or pay cash in respect thereof, but will instead issue to each stockholder the aggregate number of shares resulting from the reverse split rounded up to the next higher whole number of shares based upon the preceding calculation.