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Biostage implements 1-for-20 reverse stock split

Biostage Inc. implemented a 1-for-20 reverse stock split of its common stock, effective Dec. 22.

Following the split, Biostage's outstanding common stock will be reduced to about 2 million from about 39.8 million.

The company's common stock started trading on a split adjusted basis on the OTCQB marketplace on Dec. 22. Biostage's symbol on the marketplace will change to BSTGD for 20 business days, after which it will revert to the original symbol BSTG.

Biostage's stockholders approved the stock split at the annual meeting held April 26.

Previously, the company agreed to offer 40 million common shares to Bin Zhao, a private investor. The closing of the private placement was subject to Biostage completing its reverse stock split.