Oculus Innovative Sciences' 1-for-5 Reverse Split To Be Effective On June 24

(RTTNews) - Oculus Innovative Sciences, Inc. (OCLS), a specialty pharmaceutical company, announced Wednesday that a 1-for-5 reverse split of its common stock will be effective after the close of business on Friday, June 24.

The company's stockholders had approved the reverse stock split previously at the company's special meeting held on June 29, 2015. The company's board of directors approved the implementation of a reverse stock split and determined the appropriate reverse stock split to be a ratio of 1-for-5 on June 2, 2016.

The company said the reverse split was not the result of any NASDAQ actions.

At the effective time of the reverse stock split, every five shares of Oculus' issued and outstanding common stock will be automatically converted into one newly issued and outstanding share of common stock.

The reverse stock split will reduce the number of shares of Oculus' common stock outstanding from 21 million to approximately 4.2 million.

Jim Schutz, Oculus CEO, said, "Now that we've demonstrated that our restructuring plan is bearing fruit with strong sales of our seven prescription products and fast revenue growth, our next steps are to change the name of the company in the upcoming months to more accurately reflect our focus on dermatology, and second, to proactively execute a reverse split to position our stock price to be attractive to larger investors, closer to the $5 per share investment grade target."

The company said it believes that the combination of a higher stock price and the continued success of dermatology strategy with quarterly new product launches and a growing sales force of over 20 will be attractive to a new level of investors.

The company's common stock will continue to trade on The NASDAQ Capital Market under the symbol "OCLS" until such time a corporate name change is implemented.