On March 14, 2012, Advanced Cell Technology, Inc. (the "Company") issued a press release regarding a proposed reverse stock split and other matters to be acted upon at the Company's annual meeting of shareholders to be held on April 26, 2012. A copy of the Company's press release is attached hereto as Exhibit 99.1.
MARLBOROUGH, Mass.--(BUSINESS WIRE)-- Advanced Cell Technology, Inc. (“ACT”; OTCBB: ACTC), a leader in the field of regenerative medicine, announced today that on Monday, March 12 it filed with the Securities and Exchange Commission a proxy statement containing a shareholder proposal for a reverse split of its common stock.
The annual meeting of stockholders will be held on Thursday, April 26, at the Hyatt Regency Suites, Palm Springs, 285 N. Palm Canyon Dr., Palm Springs, Calif., 92262, on Thursday, April 26, 2012, at 9 a.m. PDT, to consider the following proposals: election of five directors, ratifying the appointment of the company’s public accounting firm, and a proposal to effect a reverse stock split of the company’s common stock, at a ratio between one-for-twenty and one-for-eighty, and to reduce the number of authorized shares of the company’s common stock in the same proportion as the reverse split, with the exact ratio to be determined by the board of directors.
“This reverse stock split, which should better align the company’s capital structure with its stage of development, and an accompanying Nasdaq listing application, will represent a significant step toward creating long-term shareholder value and building ACT into a world-class player in the regenerative medicine space,” said Gary Rabin, chairman and CEO of ACT. “I hope that our stockholders understand how important it is to vote ‘For’ the reverse stock split. 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.”
Stockholders who have questions on how to vote or need assistance voting their shares should contact the company’s proxy solicitor InvestorCom, Inc. toll-free at (877) 972-0090.
Further Information ACT has filed with the Securities and Exchange Commission (the “SEC”) and will furnish to stockholders of record on the record date for the annual meeting a definitive proxy statement in connection with the reverse stock split and other matters to be acted upon at the annual meeting. The company, Mr. Rabin and certain of its directors, executive officers and other members of management may, under SEC rules, be deemed “participants” in the solicitation of proxies from the company’s stockholders with respect to the reverse stock split and the other matters to be acted upon at the annual meeting. INVESTORS AND STOCKHOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THOSE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED REVERSE STOCK SPLIT AND OTHER IMPORTANT INFORMATION INCLUDING THOSE PERSONS WHO MAY BE DEEMED “PARTICIPANTS” IN THE SOLICITATION. Investors and stockholders may obtain a free copy of the definitive proxy statement, and other documents filed by us with the SEC, including the preliminary proxy statement, at the SEC’s web site at http://www.sec.gov. Free copies of the definitive proxy statement, and the Company’s other filings with the SEC may also be obtained from the Company by directing a request to Advanced Cell Technology, Inc., 33 Locke Drive, Marlborough, Massachusetts 01752, Attention: Secretary.
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc., is a biotechnology company applying cellular technology in the field of regenerative medicine. For more information, visit www.advancedcell.com. |
