CytRx Corp. said the Nasdaq hearings panel allowed the company to continue its listing on the stock exchange pending the results of a stockholder vote on or before Oct. 30.
The company is seeking shareholder's approval to implement a 1-for-6 reverse stock split of both its authorized common and preferred stock. The meeting has been rescheduled to Oct. 27 from Oct. 17.
The panel said CytRx should receive shareholder approval by Oct. 30 for the stock split and fulfill the $1 minimum bid price requirement by Nov. 15.
Proxy firms Institutional Shareholder Services Inc. and Glass Lewis & Co. have recommended that CytRx shareholders vote in favor of the company's proposed reverse stock split proposal.