Genta Incorporated (GNTA) released today proxy statement of upcoming reverse splits of its outstanding common stock:
[…]The Special Meeting will be held for the following purposes:
- To authorize our Board of Directors to effect up to two reverse stock splits of our outstanding common stock, with each reverse stock split having a ratio ranging from 1-for-2 up to 1-for-500, until December 31, 2012;
- To approve an amendment and restatement of our 2009 Stock Incentive Plan to change the number of shares of common stock authorized for issuance under our plan; and
- To transact such other business as may properly come before the Special Meeting.
Genta Incorporated is well-known reverse split offender:
- Capital Change=shs decreased by 1 for 6 split Pay date=07/13/2007
- Capital Change=shs decreased by 1 for 50 split Pay date=07/13/2009
- Capital Change=shs decreased by 1 for 100 split Pay date=08/02/2010
- Capital Change=shs decreased by 1 for 50 split. Pay date=02/18/2011
We feel sorry for all GNTA’s investors.
200 Connell Drive
Berkeley Heights, NJ 07922
Tel: (908) 286-9800
Fax: (908) 464-1701
Genta Incorporated is a biopharmaceutical company focused on the identification, development and commercialization of drugs for the treatment of people with cancer. Genta has built a broad portfolio of proprietary products in various stages of clinical development. The Company’s drugs include Ganite® (gallium nitrate injection), tesetaxel, and oral gallium. Genta is committed to developing innovative products to better the lives of people with cancer
Panacea Global, Inc. (PANG) issued Schedule 14C for the implementation of a reverse stock split of the outstanding shares of its common stock at a ratio of up to one-to-thirty(1:30):
[…]We are furnishing this notice and the accompanying information statement (the “Information Statement”) to the holders of shares of common stock, par value $0.001 per share (“Common Stock”) of Panacea Global, Inc. (the “Company”) pursuant to Section 14 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulation 14C and Schedule 14C thereunder, and Section 78.320 of the Nevada Revised Statutes (the “NRS”) in connection with the approval of the actions described below (the “Actions”) taken by written consent of the holders of a majority of the issued and outstanding shares of Common Stock:
- The amendment of the Company’s Certificate of Incorporation to change the Company’s name to “Panacea Global Holdings, Inc.”;
- The implementation of a reverse stock split of the outstanding shares of Common Stock at a ratio of up to one-to-thirty (the “Reverse Stock Split”); and
- The adoption of the 2011 Panacea Global, Inc. Omnibus Incentive Plan (the “Plan”).
The purpose of this Information Statement is to notify our stockholders that on September 6, 2011 the owners of approximately 53.24% of our issued and outstanding shares of Common Stock as of such date executed a written consent approving the Actions. In accordance with Rule 14c-2 promulgated under the Exchange Act, the Actions will become effective no sooner than 20 days after we mail this notice and the accompanying Information Statement to our stockholders.
Why reverse the penny markets that has no interest for years?
Panacea Global, Inc.
330 Highway #7, Suite#502
Richmond Hill, ON, Canada,
Tel: 416 450 6414
Fax: 905 237 5557
Panacea’s mission is to discover, develop and commercialize innovative diagnostic products. Our current product development focus is on novel proteins and biochemical pathways related to cellular regulation and cell cycle abnormalities in oncology diseases.