ContraVir Pharmaceuticals Inc. is implementing a 1-for-8 reverse split of its common stock, effective May 25.
The Edison, N.J.-based biopharmaceutical company said the split is primarily intended to bring it into compliance with the minimum bid price requirement for maintaining its listing on the Nasdaq Capital Market
In March, a majority of the company's shareholders approved the reverse split at an annual meeting.
ContraVir said the split will reduce the number of outstanding common shares to about 10.7 million shares from about 85.5 million shares.
The common stock will begin trading on a split-adjusted basis when the markets open on May 29.
ContraVir's transfer agent, Philadelphia Stock Transfer Inc., will act as paying agent for the reverse stock split.
