Courtesy of Benzinga
eDiets.com, Inc. (NASDAQ: DIET) today announced that it has filed a Certificate of Amendment to its Certificate of Incorporation to effect a 1-for-5 reverse stock split of its common stock that will become effective at 9:00 a.m. Eastern Time on June 1, 2011. The reverse stock split, which was approved by the Company’s stockholders on May 3, 2011, will reduce the number of shares of the Company’s outstanding common stock, par value $0.001 per share, from approximately 66.1 million, following the completion of the Company’s recent rights offering, to approximately 13.2 million. The Certificate of Amendment also reduces the number of shares of common stock the Company is authorized to issue from 100 million to 50 million. Shares of the Company’s common stock underlying stock options and warrants that are outstanding immediately prior to the effective date of the reverse stock split will be adjusted proportionately. Any fractional shares resulting from the reverse stock split will be rounded up to the next whole share.
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