BEIJING, Dec. 31, 2010 /PRNewswire-Asia-FirstCall/ — Lotus
Pharmaceuticals, Inc. (OTC Bulletin Board:
LTUS) (“Lotus” or the “Company”), a fast-growing, profitable
developer, manufacturer and seller of medicine and drugs in the
People’s Republic of China (“PRC”), announced today that the
Company will effect a two-for-one reverse split of its common stock
in order to meet minimum share price requirements in connection
with its application to a national U.S. securities exchange. In
connection with the reverse split, the number of authorized shares
of the Company’s common stock will be reduced from 200,000,000 to
100,000,000 and the number of shares outstanding will be reduced
from 53,399,407 to approximately 26,699,704.
The reverse split will take effect at the open of business
today, December 31, 2010, at which time every two (2) shares of
Lotus’ common stock issued and outstanding will be converted into
one (1) share of common stock. The shares will commence trading
today on the OTC Bulletin Board on a post-reverse split basis under
the temporary ticker symbol “LTUSD.” After 20 business days, the
“D” will be removed and the stock will resume trading under the
ticker symbol “LTUS.” No fractional common shares will be issued as
a result of the reverse split.
Mr. Zhongyi Liu, Lotus’ Chairman and Chief Executive Officer,
stated, “We are pleased to announce this reverse split, as it is an
important step toward our goal of a national securities exchange
listing. We believe that we initiated the process at an appropriate
time and that it is in the best interests of our stockholders and
the Company’s future growth. With the reverse split approved, we
are one step closer to completing the listing process.”
About Lotus Pharmaceuticals, Inc. Lotus Pharmaceuticals, Inc.
is a fast-growing, profitable developer and producer of drugs and a
licensed national seller of pharm
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