Advanced Cell Technology Announces 1:100 Reverse Stock Split
August 27 2014 - 5:12PM
Business Wire
Advanced Cell Technology, Inc. (“ACT”; OTCBB: ACTC), a leader in
the field of regenerative medicine, today announced that it has
completed a 1:100 reverse split of its common stock.
“Completing this reverse stock split is an important step in our
plan to improve our corporate structure and establish ACT as a
highly-regarded, publicly-traded biotechnology company. With
continued progress in many of our clinical and pre-clinical
programs, the Lincoln Park equity facility in place and Dr.
Wotton’s arrival as CEO, this initiative is part of a larger
strategy to up-list to a national stock exchange and to raise
awareness and visibility with fundamental-based, institutional
biotech investors,” said Ted Myles, ACT’s Chief Financial Officer
and Chief Operating Officer.
As a result of the reverse stock split, every 100 shares of the
Company’s pre-reverse stock split common stock were combined and
reclassified into one share of the Company’s common stock.
Beginning with the opening of trading on August 28, 2014, the
Company’s common stock will trade on the OTC Markets Group on a
reverse stock split adjusted basis.
More information is available in ACT's Current Report on Form
8-K, filed today with the SEC.
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc., (ACT) is a clinical stage
biotechnology company focused on the development and
commercialization of regenerative medicine and cell therapy
technology. The company’s most advanced products are in clinical
trials for the treatment of dry age-related macular degeneration,
Stargardt’s macular degeneration and myopic macular degeneration.
ACT’s preclinical programs involve cell therapies for the treatment
of other ocular disorders and for diseases outside the field of
ophthalmology, including autoimmune, inflammatory and wound
healing-related disorders. The company’s intellectual property
portfolio includes pluripotent stem cell platforms – hESC and
induced pluripotent stem cell (iPSC) – and other cell therapy
research programs. For more information, visit
www.advancedcell.com
Forward-Looking Statements
Statements in this news release regarding future financial and
operating results, future growth in research and development
programs, potential applications of our technology, opportunities
for the Company and any other statements about the future
expectations, beliefs, goals, plans, or prospects expressed by
management constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Any
statements that are not statements of historical fact (including
statements containing the words “will,” “believes,” “plans,”
“anticipates,” “expects,” “estimates,” and similar expressions)
should also be considered to be forward-looking statements. There
are a number of important factors that could cause actual results
or events to differ materially from those indicated by such
forward-looking statements, including: limited operating history,
need for future capital, risks inherent in the development and
commercialization of potential products, protection of our
intellectual property, and economic conditions generally.
Additional information on potential factors that could affect our
results and other risks and uncertainties are detailed from time to
time in the Company’s periodic reports, including our report on
Form 10-K for the year ended December 31, 2013 and our report on
Form 10-Q for the three and six months ended June 30, 2014.
Forward-looking statements are based on the beliefs, opinions, and
expectations of the Company’s management at the time they are made,
and the Company does not assume any obligation to update its
forward-looking statements if those beliefs, opinions,
expectations, or other circumstances should change. Forward-looking
statements are based on the beliefs, opinions, and expectations of
the Company’s management at the time they are made, and the Company
does not assume any obligation to update its forward-looking
statements if those beliefs, opinions, expectations, or other
circumstances should change. There can be no assurance that the
Company’s clinical trials or other development programs will be
successful.
Investors:Advanced Cell TechnologyTed Myles, 508-756-1212CFO
& COOorPress:Russo PartnersDavid Schull, 858-717-2310