Hemispherx Biopharma Inc. will implement a 1-for-44 reverse split of its issued and outstanding common shares following shareholder approval.
The Ocala, Fla.-based immuno-pharma company said 86% of the shares that actually voted were in favor of the reverse split.
The transaction will be effective June 10, with the company's common stock trading on a split-adjusted basis beginning June 11.
Following the reverse split, Hemispherx Biopharma's outstanding common shares will be reduced to about 2,200,616 from about 96,827,062.
American Stock Transfer & Trust Co. LLC will act as exchange agent for the reverse stock split.