Fibrocell Science Inc. said that it will implement a 1-for-5 reverse stock split of its common stock at 5 p.m. ET on May 24.
The Exton, Pa.-based gene therapy focused company said its common stock will start trading on the Nasdaq Capital Market on a split-adjusted basis with the opening of trading on May 25.
Fibrocell's stockholders approved the reverse split at the company's annual meeting on May 23.
The company said the reverse stock split is intended to increase its per-share trading price to allow the company to regain compliance with Nasdaq's continued listing requirements.
In April, Fibrocell said its board was conducting a strategic review of the business, which could include a possible sale of the company.
