LONDON (Alliance News) - Verona Pharma PLC on Wednesday said it is proposing a consolidation of share capital, which it has published in a circular to shareholders, as it presses ahead with plans to conduct an initial public offering in the US.
The biopharmaceutical company, which focuses on treatments for respiratory diseases, announced plans to list in the US in November, but did not provide any further details.
On Wednesday, Verona said the public offering of shares will be represented in the form of American depositary shares, prior to which it will undertake a consolidation of every 50 shares of GBP0.001 each in issue at 1800 GMT on February 10 into one share of GBP0.05.
As at January 17, the company had 2.6 million shares in issue.
Shareholders will be able to vote upon the resolutions considered necessary to facilitate the global offering at a general meeting on February 8.
Shares in Verona were trading down 7.7% at 3.07 pence on Wednesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews
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