Galena Biopharma Inc. stockholders approved all proposals necessary for the company's merger agreement with Switzerland-based SELLAS Life Sciences Group Ltd.
The stockholders also approved a reverse stock split of Galena common shares at a ratio of not less than 1-for-10 and not greater than 1-for-30.
Galena's board has determined and SELLAS has agreed to effect the reverse stock split of the Galena common stock at a ratio of 1-for-30.
The reverse stock split is expected to become effective at 4:15 p.m. ET on Dec. 29. The merger is expected to close shortly after the effectiveness of the reverse stock split.
The combined company will be renamed SELLAS Life Sciences Group Inc. and will commence trading on the Nasdaq Capital Market on a post-reverse stock split basis under the new symbol SLS from Jan. 2, 2018.