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PharmaCyte Biotech, Inc. (OTCQB:PMCB) (PharmaCyte or Company), a biotechnology company focused on developing cell therapies for cancer and diabetes using its iconic cell-in-a-Box packaging technology®, Announced today that it will conduct a 1:1,500 reverse stock split of its common stock, leaving the company with only about 1.6 million issued and outstanding shares. The company’s common stock will begin trading on OTCQB on the basis of reverse split adjustment when the market opens on Monday, July 12, 2021.
The reverse stock split will reduce the number of shares of the company’s issued common stock from approximately 2.4 billion shares to approximately 1.6 million shares. The company will proportionally adjust the outstanding stock options and outstanding warrants.
“There are approximately 1.6 million shares outstanding. We believe that this change will make it easier for investors to trade our stock and is a necessary step before the company’s common stock is listed on the Nasdaq and other national stock exchanges. This is our Expected,” said Kenneth L. Waggoner, the company’s chief executive officer.
“We believe that the reverse stock split will help the company conduct additional financing activities and/or other strategic transactions to support the development of our product candidates,” Wagner continued.
After the reverse stock split, the company’s common stock will continue to be traded on OTCQB under the new temporary code “PMCBD” for a period of 20 working days, including the effective date of the reverse stock split by the Financial Industry Regulatory Bureau. At the end of 20 business days, the company will resume trading under the stock code “PMCB”. After the reverse stock split, the company obtained a new CUSIP number 71715X203 for trading.
A reverse stock split will uniformly affect all holders of the company’s common stock, and will not affect any shareholder’s shareholding ratio in the company; however, no fractional shares will be issued…
The full story on Benzinga.com
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