LOS ANGELES, Oct. 31, 2017 /PRNewswire/ -- CytRx
Corporation (NASDAQ: CYTR), a biopharmaceutical research and
development company specializing in oncology, today announced the
previously disclosed 1-for-6 reverse stock split of its issued and
outstanding common stock will become effective as of the
commencement of trading on Wednesday,
November 1, 2017 (the "Effective Time"). The
split-adjusted shares of CytRx's common stock will continue trading
on the Nasdaq Capital Market under the Company's existing symbol
"CYTR." A new CUSIP number of 232828608 has been assigned to
the Company's common stock as a result of the reverse split.
The reverse stock split will reduce the number of shares of
common shares outstanding from approximately 165.8 million to
approximately 27.6 million upon commencement of trading on the
Effective Date. Authorized shares will also be proportionally
reduced from 250 million to approximately 41.7 million, and the
preferred stock will be reduced from 5 million shares to
approximately 0.8 million shares. The reverse stock split
affects all issued and outstanding shares of the Company's Common
Stock immediately prior to the Effective Time of the reverse stock
split.
At a Special Meeting of Stockholders held on October 27, 2017, the Company's stockholders
approved a proposal authorizing the Company to amend its
certificate of incorporation and enact a 1-for-6 reverse stock
split of the Company's issued and outstanding shares.
American Stock Transfer and Trust Company, CytRx's transfer
agent, will instruct certificate shareholders on the exchange
process once the reverse stock split takes effect.
Shareholders holding their shares in book-entry form or in
brokerage accounts need not take any action in connection with the
reverse stock split. Beneficial holders are encouraged to
contact their bank, broker or custodian with any procedural
questions. No fractional shares will be issued.
Stockholders who otherwise would be entitled to receive fractional
shares because they hold a number of shares not evenly divisible by
6, will automatically receive one whole share of Common Stock in
lieu of the fractional share.
About CytRx Corporation
CytRx Corporation is a biopharmaceutical company specializing in
research and clinical development of novel anti-cancer drug
candidates that employ linker technologies to enhance the
accumulation and release of drug at the tumor. Aldoxorubicin,
CytRx's most advanced drug conjugate, is an improved version of the
widely used chemotherapeutic agent doxorubicin and has been
out-licensed to NantCell, Inc. CytRx is also rapidly
expanding its pipeline of ultra-high potency oncology candidates at
its laboratory facilities in Freiburg, Germany, through its
LADR™ (Linker Activated Drug Release) technology platform, a
discovery engine designed to leverage CytRx's expertise in albumin
biology and linker technology for the development of a new class of
potential breakthrough anti-cancer therapies.
Forward-Looking Statements
This press release contains forward-looking statements. Such
statements involve risks and uncertainties that could cause actual
events or results to differ materially from the events or results
described in the forward-looking statements, including risks and
uncertainties relating to plans for regaining compliance with the
Nasdaq rules and higher share price of our common stock; the
ability of NantCell, Inc., to obtain regulatory approval for its
products that use aldoxorubicin; the ability of NantCell, Inc., to
manufacture and commercialize products or therapies that use
aldoxorubicin; the amount, if any, of future milestone and royalty
payments that we may receive from NantCell, Inc.; our ability to
develop new ultra-high potency drug candidates based on our
LADRTM technology platform; and other risks and
uncertainties described in the most recent annual and quarterly
reports filed by CytRx with the Securities and Exchange Commission
and current reports filed since the date of CytRx's most recent
annual report. All forward-looking statements are based upon
information available to CytRx on the date the statements are first
published. CytRx undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Investor Relations Contact:
Argot Partners
Michelle Carroll
(212) 600-1902
michelle@argotpartners.com
View original
content:http://www.prnewswire.com/news-releases/cytrx-corporation-announces-reverse-stock-split-300546168.html
SOURCE CytRx Corporation