Cel-Sci Corp., of Vienna, Va., and Elkridge, a biotechnology company that is developing new immune system-based treatments for cancer and infectious diseases, announced Friday it is implementing a 1-for-10 reverse stock split, effective on Wednesday.
The move is an effort by the company to maintain its New York Stock Exchange listing by raising its stock price. Cel-Sci was warned by the NYSE in July that its stock was in danger of being delisted due to noncompliance with the exchange’s financial condition listing requirement. Cel-Sci’s stock price has recently fluctuated between 16 cents and 19 cents per share. The stock split will reduce the number of shares outstanding from around 310 million to 31 million.