ACT Shareholders Aim For Reverse Stock Split
Marlborough-based regenerative medicine company Advanced Cell Technology announced that its upcoming annual meeting will include a shareholder proposal for a reverse split of its common stock.
A reverse split would reduce the number of outstanding shares and increase the company's stock price, which this morning was trading at 10 cents per share on the OTC Bulletin Board.
ACT CEO Gary Rabin urged shareholders to vote in favor of the split, saying in a statement that the move could lead to a listing on the Nasdaq exchange.
"A Nasdaq listing will enable us to significantly broaden our shareholder base and attract institutional ownership, a process that can build on itself to position the company on very firm financial footing over the long term," Rabin said.
The April 26 annual meeting will be held in Palm Springs, Calif.
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