Tuesday, October 17, 2017

CytRx Dodges Delisting With Reverse Split Plan

Los Angeles-based biopharmaceuticals research and development company CytRx, which has been on notice from the Nasdaq, said it has been granted a request for continued listing, as a result of a plan to run a reverse stock split. CytRx has been on notice over failure to meet minimum bid prices on its stock. CytRx said the listing extension is pending a stockholder vote on its reverse stock split proposal, which still requires approval of its shareholders. CytRx said it has until October 30th for stockholder approval on the 6:1 reverse stock split, and must provide the Nasdaq with evidence of a closing bid price of $1.00 or more for a minimum of ten prior consecutive trading days on or before November 15th.