AMDL stockholders approve Jade acquisition, reverse stock split

By E. Janene Geiss

Philadelphia, Sept. 11 - AMDL, Inc. said Monday that the stockholders at a meeting held Sept. 8 approved all of the matters set forth in the proxy statement dated July 14, including the acquisition of Jade Pharmaceuticals Inc. and its two wholly owned China-based subsidiaries.

The stockholders also approved a proposal to increase the authorized capital stock and a reverse split of the outstanding shares, according to a news release from the Tustin, Calif., theranostics company.

Jade's business activities in China provide AMDL access to a growing pharmaceutical market and a platform to introduce AMDL's DR-70 cancer test kits and Combination Immunogene Therapy technology, officials said.

The acquisition is expected to close on Sept. 28, concurrently on the effective date of the proposed reverse stock split. At the same time, all outstanding shares of AMDL common stock will be reverse split on a basis to be announced later, but on a no less than one-for-three and no more than a one-for-10 basis, effective at noon on Sept. 28, officials said.

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