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NanoViricides board approves reverse split to maintain NYSE American listing

NanoViricides Inc.'s board approved a 1-for-20 reverse split of the company's capital stock to maintain its NYSE American listing.

The reverse split will be effective after the market closes on Sept. 23, and the Shelton, Conn.-based company's stock will begin trading on a split-adjusted basis on Sept. 24.

Following the reverse split, the company's outstanding common shares will be reduced from about 76.9 million to about 3.85 million and its outstanding preferred shares will be reduced to about 255,703.

Corporate Stock Transfer and Trust Co. will act as the exchange agent for the reverse split.

NanoViricides is a nano-biopharmaceutical company that develops and markets therapeutics for the treatment of viral infections.