>>Cell Therapeutics, Inc. (CTI) Announces Reverse Stock Split
Friday February 2, 2:30 am ET
Board of Directors Approves One-for-Four Split Ratio
SEATTLE, Feb. 2 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq: CTIC; MTAX: CTIC) announced that its Board of Directors has authorized a one-for-four reverse split of its common stock. The Company expects the reverse stock split will take effect on April 2, 2007.
"A reverse split coupled with the significant phase III product and regulatory milestones we anticipate achieving this year could have a significant benefit by making the stock more available to a wider cross section of institutional fund investors. The Board's decision is one component of management's commitment to bringing our capital structure and balance sheet in line with other pre-commercial stage companies," said James A. Bianco, M.D., President and CEO.
"This action along with working with Borsa Italiana and Italian banks will help assure we have the currency to expand our pipeline through additional product or Company acquisitions," Bianco added.
The reverse split will affect all shares of CTI's common stock, including underlying stock options and other convertible instruments outstanding immediately prior to the effective time of the reverse split.
Upon the effectiveness of the reverse stock split, CTI shareholders will receive one new share of CTI common stock for every four shares they hold. CTI's common stock will begin trading on a split-adjusted basis on or about April 2, 2007.<<
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