The two founders had total control based on 10:1 voting rights. Now converted to common stock. This should pave the way for entry of more institutional investors now that shareholders have proportional say. They've been told over the last few years that this needs to happen before big investors step up, so good to see it happen...
BETHESDA, Md., Aug 30, 2012 (BUSINESS WIRE) -- Sucampo Pharmaceuticals, Inc. (SCMP, Trade ) ("Sucampo") today announced that its majority shareholder and only holder of its class B common stock, S&R Technology Holdings, LLC (S&R), has converted all of its shares of Sucampo's class B common stock into shares of its class A common stock.
S&R is owned by Ryuji Ueno, M.D., Ph.D., Ph.D., Sucampo's Chairman and CEO, and his wife, Sachiko Kuno, Ph.D., Sucampo's Executive Advisor, International Business Development and a member of Sucampo's Board of Directors. Drs. Ueno and Kuno are the co-founders of Sucampo.
Prior to the conversion, there were two classes of common stock authorized, issued and outstanding: class B common stock and class A common stock. S&R held all 26,191,050 issued and outstanding shares of Sucampo's class B common stock. Class B common stock holders were entitled to ten votes per share while class A common stock holders were entitled to one vote per share.
Sucampo's articles of incorporation permitted the holder of class B common stock to convert the shares of class B common stock into shares of class A common stock at any time and on a one-for-one basis. As a result of the conversion, there is now only a single class of Sucampo's common stock outstanding, totaling 41,905,364 shares, each of which is entitled to one vote per share.