China Yida Board Approves Stock Split and 2 Stocks Hitting 52-Week Highs
In a Monday release, Wright Medical Group (NASDAQ:WMGI) and BioMimetic Therapeutics (NASDAQ: BMTI) have agreed to a business merger, that will result in the new entity of Wright and BioMimetic. The total potential value of the transaction for BioMimetic shareholders is about $380 million, or $12.97 a share, based on Wright’s Friday, close. Each share of BioMimetic common stock will be converted into an option to receive an upfront payment of $1.50 in cash and 0.2482 shares of Wright common stock. BioMimetic is valued at about $190 million, or $6.47 per share, by the upfront payment values, which are based on Wright’s closing stock price on November 16. Shares closed up 74.22 percent on the day at $7.23, but have traded in a 52-week range of $1.87 to $4.83.
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Lowe’s Companies (NYSE:LOW) posted third quarter revenue of $12.1 billion, with consensus of $11.91 billion. Charges linked to long-lived asset impairments were included in the results, along with discontinued projects, and a modification to the discount rate applied to self-insurance claims which, overall, shrank pre-tax earnings for the third quarter by $85 million and diluted earnings per share by 5 cents. Shares closed up 6.19 percent on the day at $33.96, having been traded in a 52-week range of $22.39 to $33.63.
China Yida Holding (NASDAQ:CNYD) said that its Board of Directors has okayed a one-for- five reverse stock split of the company’s issued and outstanding common stock, at par value $0.001 per share. The reverse stock split was effective at the opening on Monday, at which time the company’s common stock commenced trading on the NASDAQ on a split-adjusted basis. The firm’s common stock will continue trading under the symbol “CNYD”, though NASDAQ will add the letter “D” to the end of the trading symbol for a period of 20 trading days, showing that the reverse split has occurred, but under a new CUSIP number, 16945D303. China Yida is conducting the reverse stock split so as to regain compliance with NASDAQ continued listing standards. Following the split, the firm will have around 3.9 million shares of common stock issued and outstanding. The number of its authorized shares of common stock will remain unchanged at 100 million. Shares closed up 384.62 percent on the day at $3.15, but have been traded in a 52-week range of $0.37 to $3.10.