Celsion Corp. is implementing a 1-for-14 reverse split of its common stock, effective May 30.
The consolidation will allow the company to increase the market price of its common stock to make it more attractive to a wider range of institutional and other investors, and to provide itself additional capital resources and flexibility to execute certain business plans.
The reverse split was approved by Celsion stockholders at the company's May 16 annual general meeting.
The company's outstanding common shares will be reduced to about 4.1 million shares from 56,982,418 shares.
The number of outstanding options and warrants will be adjusted accordingly: outstanding options will be reduced to about 200,000 from 2.5 million and outstanding warrants will be reduced to about 2.4 million from 33.5 million.