CytRx includes common and authorized shares in one-for-six reverse stock split
CytRx has amended its definitive proxy statement with the SEC to include a 1-for-6 reverse stock split of the company's authorized common and preferred stock. CytRx's previous proxy statement had a proposal for a 1-for-6 reverse stock split for its issued and outstanding common stock and a 50% reduction in the authorized shares. CytRx believes that a reverse stock split will enable it to regain compliance with NASDAQ's $1.00 minimum bid price requirement and maintain its listing on the NASDAQ Capital Market. The company's approximately 165.8 million pre-split shares of common stock outstanding will be combined into approximately 27.6 million post-split shares outstanding. Following the reverse stock split, the 250 million authorized shares of common stock will be reduced to approximately 41.7 million shares. The five million authorized preferred shares will be converted into approximately 0.8 million preferred shares. The company's common stock will continue to trade on NASDAQ under the symbol "CYTR" pending the conclusion of the hearing process.