PROPOSED REVERSE STOCK SPLIT |
9 Months Ended | ||
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Sep. 30, 2011 | |||
| PROPOSED REVERSE STOCK SPLIT |
On June 30, 2011, the Company held a special meeting of
stockholders. At the meeting, the stockholders approved,
among other things, separate amendments to the certificate of
incorporation that would effect a reverse split of the
Company’s common stock within a range of 1:2 to 1:10, and
authorized the Company’s board of directors to determine the
ratio at which the reverse split will be effected by filing the
appropriate amendment to the certificate of
incorporation. The purpose of the proposed reverse split
is to increase the price per share of the Company’s common
stock in order to exceed the minimum price per share required to
secure listing on a national securities
exchange. On July 1, 2011, the Company
filed with the SEC a Registration Statement on Form S-1 for an
underwritten public offering of its securities with proceeds of up
to $15,000,000, excluding the underwriter’s over-allotment.
The registration statement has not yet become effective.
The Company has
applied for listing on The NASDAQ Capital Market under the symbol
“NVLT” in connection with the proposed underwritten
offering.
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