LOS GATOS, Calif., July 22, 2010 NOVT Corporation (Pink Sheets: NVTPD) today announced that it has filed amendments to its Certificate of Incorporation effective as of July 9, 2010 that effected the previously announced 1-for-5,000 reverse stock split, pursuant to which shareholders owning fewer than 5,000 shares of NOVT's common stock have had their shares cancelled and converted into the right to receive $3.00 for each share of common stock held immediately prior to the reverse stock split. The amendments also effected a 50-for-1 forward stock split of the common stock immediately following the reverse stock split. As a result of the reverse stock split and forward stock split, there are currently 32,122 outstanding shares of common stock of NOVT. Finally, the amendments decreased the number of authorized shares of NOVT's common stock from 6,250,000 to 90,000 and decreased the number of authorized shares of NOVT's preferred stock from 1,250,000 to 10,000.
About NOVT Corporation
On March 9, 2006, NOVT completed the sale of substantially all the assets of its vascular brachytherapy business. NOVT's strategic plan is to redeploy its existing resources to identify and acquire new business operations. At this time, no candidates have been identified.
NOVT's Certificate of Incorporation limits the ability of any person or group to acquire 4.75% or more of NOVT's common stock (subject to certain exceptions as provided in the Certificate of Incorporation) in order to protect NOVT's ability to utilize its net operating loss carryforwards and renders inapplicable to NOVT the limitations of Section 203 of the Delaware General Corporation Law.
SOURCE NOVT Corporation