LINCOLN – MultiCell Technologies Inc.’s board of directors has approved a one-for-five reverse split of its common stock, effective as of 5 p.m. on May 18, and applying to all its common stock, stock options and warrants outstanding at that time.
The reverse split will reduce the number of outstanding shares from about 158,049,000 to about 31,600,000. The number of authorized shares will remain unchanged at 200,000,000, the company said. The post-split stock will trade under a new ticker symbol.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
Multicell is a supplier of immortalized non-tumorigenic human hepatocytes – liver cells – as pharmaceutical candidate optimization tools, and it has patented strategies for isolation of adult human liver stem cells. It recently moved into a new facility in Lincoln.
“We believe that the time was right to improve our capital structure,” co-chairman and CEO Jerry Newmin said in a news release. “Over the past year we have improved our balance sheet and advanced our portfolio of projects. We believe this move will accelerate our path to listing on a national exchange and enhance our ability to reach a wider audience of investors.”
As a result of the reverse stock split, every five shares of MultiCell Technologies common stock will be combined into one share of common stock. The company will pay cash in lieu of fractional shares based on the closing price of the common stock on May 18.
MultiCell’s common stock will also trade under a new CUSIP number. Shareholders who have existing stock certificates will receive instruction from the company’s transfer agent, U.S. Stock Transfer, to receive new stock certificates. Shareholders who have the certificates in “Street Name” or on deposit at their brokerage firm will need to do nothing further.
MultiCell’s Web site is www.multicelltech.com.
