CARDIMA ANNOUNCES ONE-FOR-TEN REVERSE STOCK SPLIT
FREMONT, CA. (July 31, 2007) – Cardima, Inc. (OTCBB: CADM.OB, formerly OTCBB: CADM.OB), developer of the REVELATION® Tx, REVELATION® T-Flex ablation microcatheters and INTELLITEMP® Energy Management Device, announces today that its Board of Directors has declared a reverse stock split, at a 1 for 10 ratio, effective at the opening of trading on July 31, 2007. Following the split, the Company’s Common Stock will trade under a new ticker symbol, “CADM”. The Board declared this reverse stock split pursuant to the discretionary authority granted by the vote of a majority of the Company’s outstanding shares at the 2007 Annual Shareholders Meeting held June 28, 2007.
Registered stockholders will receive a letter, to be mailed this week, explaining the steps and including the forms required to obtain a new stock certificate evidencing their post-split shares. No fractional shares will be issued in connection with the reverse stock split. Those stockholders, who would otherwise be entitled to receive fractional shares, because they hold a number of shares not divisible by 10, will be entitled upon surrender of their certificates representing such shares, to a cash payment in lieu thereof. Stockholders with shares in brokerage accounts will be contacted by their brokers with instructions. American Stock Transfer and Trust Company will act as the exchange agent, and can be contacted at (877) 248-6417.
About Cardima
Cardima, Inc. has developed the PATHFINDER® and REVELATION® Series of diagnostic catheters, the INTELLITEMP® Energy Management Device, and the Surgical Ablation System (SAS). All of these devices are CE marked and received U.S. FDA 510(k) clearance. The REVELATION® Series of ablation catheters with the INTELLITEMP® EP Energy Management Device was developed and marketed for the treatment of atrial fibrillation (AF) after receiving CE mark approval in Europe; it is not currently available in the U.S.
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such forward-looking statements. Potential risks and uncertainties include: the uncertainties associated with the prospects for FDA approval of any new devices; the prospect for any future clinical trials or regulatory activities; the risk that the Company will not be able to raise additional capital in the immediate term as needed to continue operations and the risk that we will be unable to secure a strategic transaction involving the Surgical Ablation System. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2006, the Company's Quarterly Report on Form 10-QSB for the third quarter ended September 30, 2007, and in the Company's subsequent SEC filings. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.