10/16/2013 9:36:35 AM
ANN ARBOR, Mich., Oct. 16, 2013 (GLOBE NEWSWIRE) -- Aastrom Biosciences, Inc. (Nasdaq:ASTM), the leading developer of patient-specific expanded multicellular therapies for the treatment of severe chronic cardiovascular diseases, today reported that its previously announced one-for-twenty reverse stock split of the company's common stock is now effective. The reverse stock split is intended to increase the per share trading price of Aastrom's common stock to satisfy the $1.00 minimum bid price requirement for continued listing on NASDAQ and to attract greater institutional ownership of the company's shares. As a result of the reverse stock split, every twenty shares of the company's common stock that were issued and outstanding immediately prior to the opening of trading on October 16, 2013, will automatically be combined into one issued and outstanding share without any change in the par value of such shares. The number of authorized but unissued shares of the company's common stock will be proportionally reduced.
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