Memphasys Ltd.'s board plans to implement a 1-for-15 share consolidation to make its stock more manageable.
The consolidation will reduce the Australian company's issued share capital to about 340,588,613 ordinary shares from 5,108,829,192 ordinary shares.
Additionally, the number of issued options will be reduced to about 14,998,125 from 224,971,876, the provider of cell and protein separation devices said. The exercise price of these options will also increase by a factor of 15.
Shareholders will vote on the proposal at an Aug. 6 general meeting. Memphasys expects its stock to start trading on a post-consolidation basis Aug. 8.