OKLAHOMA CITY, May 25, 2011 /PRNewswire/ — Graymark Healthcare,
GRMH), the nation’s second largest provider of diagnostic sleep
services and an innovator in comprehensive care for obstructive
sleep apnea (OSA), reported that its Board of Directors approved a
1-for-4 reverse stock split, which will be effective after the
close of the market on June 3, 2011.
The 1-for-4 reverse stock split will automatically convert all
shares of the company’s stock issued and outstanding to one new
share of common stock, par value $0.0001 per share. The reverse
stock split, which was approved by the company’s shareholders on
February 1, 2011, will reduce the number of shares of the company’s
outstanding common stock from approximately 34.1 million, as of the
filing date of the company’s most recent Quarterly Report on Form
10-Q, to approximately 8.5 million.
No fractional shares will be issued in connection with the
reverse stock split. The company will round up to the next whole
share in lieu of issuing factional shares that would have been
issued in the reverse split. For a 20 trading day period
immediately following the reverse split, Graymark’s common stock
will trade on a post-split basis on the NASDAQ Capital Market under
the trading symbol “GRMHD” as an interim symbol to denote the
reverse split. After this 20 trading day period, Graymark’s common
stock will resume trading on the NASDAQ Capital Market under the
symbol “GRMH.” In addition, the common stock will also trade under
a new CUSIP number effective June 6, 2011.
Computershare is the company’s transfer agent and will be acting
as the exchange agent for the purpose of implementing any exchange
of stock certificates in connection with the reverse split.
Stockholders who have existing stock certificates will receive
instructions from the transfer agent. Stockholders who hold their
shares in brokerage acco