Delcath Systems Inc. has increased the size of its reverse stock split to a ratio of 1-for-700.
The split will cut the New York-based company's estimated 1.4 billion issued and outstanding shares of common stock down to approximately 2.1 million. The move will take effect Dec. 24 and is larger than the company's previous ratio of 1-for-100.
American Stock Transfer & Trust Co. LLC is acting as the exchange agent and transfer agent for the reverse stock split.
Delcath Systems treats primary and metastatic liver cancers. Its investigational products include melphalan hydrochloride for injection, which is used to administer high-dose chemotherapy to the liver.