SALT LAKE CITY, Nov. 10, 2017 (GLOBE NEWSWIRE) -- Amedica Corporation (Nasdaq:AMDA), an innovative biomaterial company that develops and manufactures silicon nitride as a platform for biomedical applications, today announced a 1-for-12 reverse stock split of its issued and outstanding common stock. The Company’s common stock will open for trading on a split-adjusted basis on Friday, November 10, 2017 (the "Effective Time"). The split-adjusted shares of Amedica's common stock will continue trading on the Nasdaq Capital Market under the Company's existing symbol "AMDA." A new CUSIP number of 023435407 has been assigned to the Company's common stock as a result of the reverse split.
The reverse stock split will reduce the number of shares of common stock outstanding from approximately 36,264,881 million to approximately 3,022,073 million upon commencement of trading on the Effective Time. The reverse stock split affects all issued and outstanding shares of the Company's common stock immediately prior to the Effective Time of the reverse stock split. The number of authorized shares of the Company's common stock will remain unchanged.
American Stock Transfer and Trust Company, Amedica's transfer agent, will instruct certificate shareholders on the exchange process once the reverse stock split takes effect. Shareholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the reverse stock split. Beneficial holders are encouraged to contact their bank, broker or custodian with any procedural questions. No fractional shares will be issued. Stockholders who otherwise would be entitled to receive fractional shares because they hold a number of shares not evenly divisible by 12, will automatically receive one whole share of common stock in lieu of the fractional share. No stockholders will receive cash in lieu of fractional shares.
About Amedica Corporation
Amedica is focused on the development and application of spinal interbody implants made with medical-grade silicon nitride ceramic. Amedica markets spinal fusion products and is developing implants for other biomedical applications, such as wear- and corrosion-resistant hip and knee bearings, and dental implants. The Company’s products are manufactured in its ISO 13485 certified manufacturing facility, and it has a partnership with Kyocera, one of the world’s largest ceramic manufacturers. Amedica’s FDA-cleared and CE-marked spine products are currently marketed in the U.S. and select markets in Europe and South America through its distributor network, and OEM and private label partnerships.
For more information on Amedica or its silicon nitride material platform, please visit www.amedica.com.
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated within this press release. A discussion of those risks and uncertainties can be found in Amedica’s Risk Factors disclosure in its Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on September 20, 2017, and in Amedica’s other filings with the SEC. Amedica disclaims any obligation to update any forward-looking statements.