Celsion Corporation Announces Stock Consolidation
May 26 2017 - 4:05PM
Celsion Corporation (NASDAQ:CLSN), an oncology drug development
company, announced today that it is effecting a 1 for 14 reverse
stock split of its common stock which will be effective for trading
purposes as of the commencement of trading on Tuesday, May 30,
2017. As of that date, each fourteen (14) shares of issued
and outstanding common stock and common stock equivalents will be
consolidated into one (1) share of common stock. In addition,
at the market open on May 30, 2017, the common stock will trade
under a new CUSIP number 15117N503 although the Company's ticker
symbol, CLSN, will remain unchanged.
The reverse stock split was previously approved
by the Company's stockholders at the 2017 Annual Meeting held on
May 16, 2017, and the Company will file a Certificate of Amendment
to its Certificate of Incorporation to effect the stock
consolidation on May 26, 2017. The primary reasons for the
reverse stock split are:
- To increase the market price of the Company's common stock
making it more attractive to a broader range of institutional and
other investors, and
- To provide the Company with additional capital resources and
flexibility sufficient to execute its business plans including the
establishment of strategic relationships with other companies and
to ensure its ability to raise additional capital as
necessary.
The number of outstanding common shares will be
reduced from 56,982,418 shares to approximately 4.1 million shares.
The number of authorized shares and the par value per share
will remain unchanged. No fractional shares will be issued in
connection with the reverse stock split. Holders of
fractional shares will be paid out in cash for the fractional
portion. The number of outstanding options and warrants will
be adjusted accordingly, with outstanding options being reduced
from 2.5 million to approximately 0.2 million and outstanding
warrants being reduced from 33.5 million to approximately 2.4
million. Celsion stockholders will receive instructions from
its transfer agent, American Stock Transfer and Trust Company,
relating to procedures for exchanging existing stock certificates
for new certificates or book-entry shares and for the receipt of
cash proceeds in lieu of fractional shares.
"Over the last few months we have had numerous
discussions with investors, advisors and our board regarding our
capital structure. We believe the resulting increase in share price
will demonstrate the true value of Celsion's common stock, broaden
the appeal of our shares to investors, particularly institutional
stockholders, and provide the Company with additional authorized
shares to execute its current business plans and strategy," stated
Michael H. Tardugno, Celsion's chairman, president and CEO.
About Celsion Corporation
Celsion is a fully-integrated oncology company
focused on developing a portfolio of innovative cancer treatments,
including directed chemotherapies, immunotherapies and RNA- or
DNA-based therapies. The Company's lead program is ThermoDox®, a
proprietary heat-activated liposomal encapsulation of doxorubicin,
currently in Phase III development for the treatment of primary
liver cancer and in Phase II development for the treatment of
recurrent chest wall breast cancer. The pipeline also
includes GEN-1, a DNA-based immunotherapy for the localized
treatment of ovarian and brain cancers. Celsion has two
platform technologies for the development of novel nucleic
acid-based immunotherapies and other anti-cancer DNA or RNA
therapies. For more information on Celsion, visit our website:
http://www.celsion.com. (Financial).
Celsion wishes to inform readers that
forward-looking statements in this release are made pursuant to the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Readers are cautioned that such
forward-looking statements involve risks and uncertainties
including, without limitation, unforeseen changes in the course of
research and development activities and in clinical trials; the
uncertainties of and difficulties in analyzing interim clinical
data, particularly in small subgroups that are not statistically
significant; FDA and regulatory uncertainties and risks; the
significant expense, time, and risk of failure of conducting
clinical trials; the need for Celsion to evaluate its future
development plans; possible acquisitions or licenses of other
technologies, assets or businesses; possible actions by customers,
suppliers, competitors, regulatory authorities; and other risks
detailed from time to time in the Celsion's periodic reports and
prospectuses filed with the Securities and Exchange
Commission. Celsion assumes no obligation to update or
supplement forward-looking statements that become untrue because of
subsequent events, new information or otherwise, except as required
by law. Investors should consult all of the information set forth
herein and should also refer to the risk factor disclosure set
forth in the reports and other documents Celsion files with the
Securities and Exchange Commission available at www.sec.gov.
Celsion Investor Contact
Jeffrey W. Church
Sr. Vice President and CFO
609-482-2455
jchurch@celsion.com
Celsion (NASDAQ:CLSN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Celsion (NASDAQ:CLSN)
Historical Stock Chart
From Apr 2023 to Apr 2024