The board of directors of Applied Microbiology Inc. on Tuesdayvoted to extend the deadline for exercise of the company'sredeemable warrants to Nov. 29 from Aug. 27. As of Dec. 31,1990, the company had 671,025 warrants outstanding.
Each warrant entitles the holder to purchase 1.22 shares ofcommon stock for $4.91 per share. The company will pay cashfor fractional shares. Applied stock (NASDAQ:APLY) closedunchanged at $4.38 on Wednesday.
The New York company may redeem the warrants on 30 days'notice if the price exceeds $7 per share for a period of 30consecutive trading days prior to the date of notice.
The company is developing Ambicin, an anti-bacterial derivedfrom natural sources, to treat bovine mastitis and for humandermatological and oral uses.
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