Lifeline Biotech sets reverse stock split | nnbw.com
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Lifeline Biotech sets reverse stock split

NNBW Staff

Lifeline Biotchnologies Inc.

of Reno said last week it plans a one-for-150 reverse split of its common stock.

After the reverse split, the company will have about 12.5 million shares

outstanding.

The reverse split, effective for shareholders of record Oct.

22, also applies to the preferred shares held by Lifeline’s management.

Chief Executive Officer Jim Holmes said the reverse split is needed to get the company in position to move to a reporting exchange.

Its stock is currently quoted on the over-thecounter pink sheets.Assuming it can find a sponsoring broker, Lifeline wants to move to the over-the-counter bulletin board system.

The stock was quoted last week at 18 hundredths of a cent per share.After the reverse split, that would be equivalent to 27 cents a share.

“We believe the company can attract new investors with a more realistic capital structure,” Holmes said.

Lifeline is developing a cancer detection system and also is the distributor of orthopedic products.