January 19, 2001, 12:00 AM

PlanetRx.com gets prescription for cash

PlanetRx.com shareholders have granted management authority to access the previously secured $50 million in equity financing from Alpha Venture Capital Inc. The agreement allows PlanetRx.com to sell to Alpha, under certain conditions, up to $50 million in common stock any time during the next two years. In addition, shareholders approved the company's request for authority to execute an eight-for-one reverse stock split. Enactment of the reverse split will assist the company in maintaining the necessary share price for NASDAQ listing. The reverse stock split was effective Dec. 4. Pursuant to the agreement with Alpha Venture, shareholders also approved requests to amend the company's certificate of incorporation, thereby increasing the number of authorized shares of common stock from 100 million to 200 million shares.

comments powered by Disqus

Advertisement

Advertisement

Advertisement

From IR Blogs

FPO

James Green / E-Commerce

Four critical digital marketing tactics for the 2015 holidays

Lessons from 2014 can help retailers start now to plan their marketing campaigns for the ...

FPO

Zach Blatt / E-Commerce

Why one shampoo brand is Head and Shoulders above the rest

An analysis of online reviews shows that the pleasing smell of the anti-dandruff shampoo is ...

Advertisement