Mount TAM Biotechnologies Inc. said that a majority of its stockholders approved a reverse split of its common shares.
The Novato, Calif.-based biopharmaceutical company, which is focused on autoimmune diseases, said its board was granted the authority to effect and determine the ratio of a reverse stock split within the next 12 months.
Mount Tam's CEO, Richard Marshak, said the "reverse stock split is an important step, should the board choose to take it, towards fulfilling the minimum stock price requirement for listing the company's common stock to a senior stock exchange."
The stockholders also approved to increase the number of authorized common shares of the company to 200.0 million from 100.0 million.
