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Sevion Therapeutics plans 1-for-20 reverse stock split

Sevion Therapeutics, Inc.'s board approved a 1-for-20 reverse stock split, effective 4 p.m. on Dec. 19.

The company's stockholders approved the reverse stock split on Dec. 7, which will help Sevion satisfy the minimum bid price requirement for initial listing on the Nasdaq Capital Market.

The reverse split will reduce the number of outstanding common shares to about 2.6 million shares from about 51.4 million shares.

American Stock Transfer & Trust Co. will act as the exchange agent for the reverse stock split.