During Monday’s Afternoon trade, Shares of Alibaba Group Holding Limited (NYSE:BABA), gained 0.20% to $85.92, after the company said that it is partnering with ICIC Bank, India’s largest private sector bank, to provide easier trade finance to India-based sellers on the portal, according to the companies.
“We are delighted to be the first bank in India to partner with Alibaba.com for their online trade facilitation centre,” ICIC Bank Executive Director Rajib Sabharwal stated.
ICIC Bank will offer Alibaba members special propositions across a spectrum of business services ranging from accounts, letter of credit, bank guarantees, remittances, forex, loans and cash administration solutions.
Alibaba Group Holding Limited, through its auxiliaries, operates as an online and mobile commerce company in the People’s Republic of China and internationally. It operates Taobao Marketplace, an online shopping destination; Tmall, a third-party platform for brands and retailers.
Shares of Yamana Gold, Inc. (NYSE:AUY), inclined 0.16% to $3.21, during its current trading session, despite the gold price was around one percent lower late on Monday afternoon – investors flocked to equities on optimism that Greece is close to agreeing a bailout deal with its creditors.
Yamana Gold Inc. engages in gold mining and related activities, counting exploration, extraction, processing, and reclamation. The company has precious metal properties and land positions in the Americas.
Finally, Zogenix, Inc. (NASDAQ:ZGNX), gained 1.29%, and is now trading at $1.58.
Zogenix, declared that at the annual general meeting of shareholders held earlier recently, shareholders voted to approve a proposal authorizing the board of directors of the Company to amend the Company’s certificate of incorporation to effect a reverse stock split of Zogenix’s outstanding common shares at an exchange ratio of 1-for-8, and a change in the number of authorized shares of common stock to 50,000,000 shares. Zogenix’s board of directors had formerly directed that the proposal be presented to the shareholders for approval and has subsequently determined that the reverse stock split will take effect on July 1, 2015. Starting with the opening of trading on July 1, 2015, the Company’s common stock will trade on a split-adjusted basis.
An additional objective supporting the reverse stock split at this time is to potentially allow a broader range of institutions to invest in the Company’s common stock — namely, funds that are prohibited from buying stocks with a price per share below a certain threshold.
Upon the effectiveness of the reverse stock split, each eight shares of the Company’s issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock, par value $0.001 per share. As a result of the reverse split, there will be about 19.2 million shares of common stock issued and outstanding. The reverse stock split will not affect any shareholder’s ownership percentage of Zogenix’s common shares. The common shares will trade under a new CUSIP number, 98978L 204, effective July 1, 2015.
Zogenix, Inc., a pharmaceutical company, develops and commercializes therapies for the treatment of central nervous system disorders in the United States. Its marketed product comprises Zohydro ER, an extended-release formulation of hydrocodone for the treatment of severe chronic pain.
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