CytRx granted listing extension pending results of stockholder vote
CytRx 's request for a continued listing has been granted by Nasdaq pending the results of a stockholder vote on or before October 30. The Nasdaq Hearings Panel granted the company's request for continued listing subject to the following relevant terms: on or before October 30, the company shall inform the Panel that it has received stockholder approval to implement a reverse stock split in a ratio of 1 for 6 shares. On or before November 15, the company must evidence a closing bid price of $1.00 or more for a minimum of ten prior consecutive trading days. The company intends to adjourn the scheduled Special Meeting of Stockholders planned for October 17 and the meeting will be rescheduled for October 27, at the same location, at which the company will seek stockholder approval for the 1-for-6 reverse stock split. If approved, the company plans to implement the reverse stock split shortly after the Special Meeting in order to demonstrate a closing bid price of at least $1.00 per share. The company must demonstrate a closing bid price of at least $1.00 per share for a minimum of ten consecutive trading days by no later than November 15. If the proposal does not pass and the stock does not rise to at least $1.00 per share for ten consecutive days within the period granted by the Panel, the company will then seek to commence trading on the OTC Bulletin Board.