Vancouver biotechnology company CytoDyn Inc. will consider a reverse stock split to raise individual share prices.
According to a Monday filing with the U.S. Securities and Exchange Commission, the drugmaker believes the reverse stock split will help it get listed on a national securities exchange, which it hopes to do in the next six months.
CytoDyn, 1111 Main St., Suite 660, has been at work on an HIV treatment called PRO 140.
Undertaking a reverse stock split reduces the shares of the company’s common stock in order to boost stock values per share. CytoDyn expects to decide on the size of the reduction at the meeting, according to the filing.
Exchanges, like the New York Stock Exchange for example, typically require stock prices to hit a minimum level before a company can list its stock on the exchange.
The meeting is scheduled for Nov. 1 in Roseland, N.J., and is open to stockholders of record as of Sept. 22.
