Lawrenceville-based pharmaceutical company Celsion Corp. announced Monday a 1 for 4.5 reverse stock split of its common stock which will be effective for trading purposes as of the commencement of trading today.
According to the announcement, each 9 shares of issued and outstanding common stock and equivalents will be consolidated into 2 shares of common stock. The reverse stock split was previously approved by the company's stockholders at the 2013 annual meeting on July 19, 2013, and the company subsequently amended its certificate of incorporation to effect the stock consolidation. The number of outstanding common shares will be reduced from 61.2 million shares to approximately 13.6 million shares. The number of authorized shares and the par value per share will remain unchanged.