ANN ARBOR, Mich., Feb. 18, 2010 (GLOBE NEWSWIRE) -- Aastrom Biosciences, Inc. (Nasdaq:ASTM - News) today reported that its previously announced one-for-eight reverse stock split of the company’s issued and outstanding common shares is now effective. This reverse 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 eight shares of the company’s common stock that were issued and outstanding immediately prior to the opening of trading today will automatically be combined into one issued and outstanding share without any change in the par value of such shares and the number of authorized but unissued shares of the company’s common stock will be proportionally reduced.
