Protalix BioTherapeutics Inc. announced a reverse stock split of its shares at a 1-for-10 ratio, effective Dec. 19.
The Israeli company hopes to regain compliance with the New York Stock Exchange's price listing requirements through the reverse split.
Protalix will reduce common authorized shares from 350 million to 120 million after the split and outstanding shares will decrease from 148.38 million to 14.84 million. The company intends to adjust issued notes and the per share exercise price of outstanding options in proportion to the split.
American Stock Transfer & Trust Co. is the transfer agent for the reverse stock split.
Protalix is a biopharmaceutical company that develops therapies for genetic diseases.