A Diagnostics & Imaging Week
Home Diagnostics (Fort Lauderdale, Florida), a maker of diabetes testing supplies, said its board of directors has authorized the company to repurchase up to $5 million of its common stock to be funded with available cash. This program follows two stock repurchase programs of $5 million each that were completed in 2007 and 2008.
All purchases will be made in the open market or in privately negotiated transactions, subject to market conditions and other corporate considerations and in accordance with applicable insider trading and other securities laws and regulations.
The Home Diagnostics product line includes TRUE2go, TRUEresult, TRUEtrack, Sidekick, TRUEread and Prestige Smart System blood glucose monitoring systems.
In other financing news:
• Bederra (Houston) said that its board has approved a 1-for-400 reverse split of its common stock, effective for all shareholders of record as of Dec. 3. The company has submitted all necessary applications for the split, including the assignment of a new trading symbol; it began trading on a post-split basis on Dec. 31. The effect of the reverse stock split reduces Bederra's common shares outstanding from 257,888,834 million to 644,722.
"The board approved a reverse stock split as a measure to attract new investors and propel corporate growth. By reducing our total shares outstanding, our price per share will increase by 400x. By creating a more favorable capital structure, we can help increase interest among brokerage firms and market makers, who typically only trade in higher priced securities," said Graham Williams, chairman/CEO of Bederra.
Bederra, through its subsidiaries, Diagnos and Lumar Imaging, provides diagnostic medical imaging services.
• Del Global Technologies (Franklin Park, Illinois) has suspended its stock repurchase program and associated 10b5-1 sales trading plan to free up cash for working capital.
The previously reported program authorized the company's repurchase of up to 2,424,616 shares, or approximately 10%, of the company's outstanding common stock.
Prior to the suspension of the program, a total of 1,527,859 shares of the company's common stock, with an aggregate cost of $1,560,420, had been repurchased under the plan, which allowed the company to purchase its shares at times when Del Global would not ordinarily be in the market because of its trading policies or the possession of non-public information.
Del Global manufactures diagnostic imaging systems for medical, dental and veterinary applications.