Xcyte Therapies, Inc. Announces One-For-Ten Reverse Split Of Common Stock
3/27/2006 12:43:33 PM
SEATTLE--(BUSINESS WIRE)--March 27, 2006--Xcyte Therapies, Inc. ("Xcyte") (Nasdaq:XCYT) (Nasdaq:XCYTP) today announced that the one-for-ten reverse stock split of its common stock, which was approved by Xcyte's stockholders on March 16, 2006, was effected at 12:01 a.m. Eastern Standard Time today. As a result of the reverse stock split, each holder of ten shares of Xcyte common stock will receive one share of Xcyte common stock. Xcyte will not issue fractional shares in connection with the reverse stock split. Instead, each holder of record that would otherwise be entitled to receive a fractional share will receive a cash payment amount equal to the value of the fractional share that such holder would otherwise be entitled to receive, based on the closing price of Xcyte common stock on March 24, 2006, as reported by the Nasdaq National Market.