BiolineRX progress toward Nasdaq listing

Shareholders may vote on a reverse stock split as part of the preparations.

Drug and healthcare products developer BiolineRX Ltd. (TASE:BLRX) will hold a general shareholders meeting on August 17 to discuss and vote on the company's moves ahead of a planned offering on Nasdaq. The company has already begun the listing procedures, and filed confidential filings with the US Securities and Exchange Commission (SEC). The company believes that the next document will be submitted publicly.

Issues on the shareholders meeting agenda include approval of responsibility insurance for BiolineRX's directors and officeholders as required for listing securities on Nasdaq, and consolidation and redistribution of the company's share capital. The shareholders will be asked to authorize the board of directors to carry out a reverse split of shares at a ratio of up 1:10, pursuant to listing requirements on Nasdaq.

BiolineRX's share price fell 2% in morning trading to NIS 3.47, giving a market cap of NIS 442 million.

Published by Globes [online], Israel business news - - on July 12, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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