Delcath Systems Inc. said its board authorized a reverse stock split of the company's common stock at a ratio of 1-for-100.
The proposal for the stock split was approved by shareholders Sept. 17. The action will reduce the number of Delcath's issued and outstanding shares, as well as those reserved for issuance, to about 14 million from about 1.4 billion.
Starting Oct. 22, Delcath's shares will be designated by the symbol DCTHD for 20 trading days, after which the shares will be found under the DCTH symbol. The common stock will be assigned a new CUSIP number of 24661P 807 following the reverse stock split.
American Stock Transfer & Trust Co. is acting as the exchange agent and transfer agent for the reverse stock split.
New York-based Delcath Systems is a healthcare equipment company focusing on the treatment of primary and metastatic liver cancers. Its investigational products include melphalan hydrochloride for injection, which used to administer high-dose chemotherapy to the liver.