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 a 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
common stock with proceeds of up to $15,000,000, excluding the
underwriters over-allotment. 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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