Aptevo Therapeutics (APVO) said Friday it will conduct a 1-for-37 reverse stock split, effective Tuesday, to help the company meet Nasdaq's minimum bid price requirement of $1 per share.
The split-adjusted shares will begin trading on the Nasdaq Capital Market on Wednesday, the company said.
The reverse stock split will reduce Aptevo's outstanding number of shares to about 500,000 from 18.5 million and adjust outstanding options, warrants, and other securities, the company added.
Aptevo shares dropped about 18% in recent trading.
Price: 0.28, Change: -0.06, Percent Change: -17.67
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