SEATTLE, Aug. 25 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) announced that its Board of Directors has authorized a 1-for-10 reverse split of its common stock. The reverse split will become effective as of August 31, 2008.
At the Cell Therapeutics Special Meeting in Lieu of Annual Meeting of Shareholders held on June 19, 2008, shareholders approved a proposal to authorize the Board, in its discretion, to effect a reverse split of CTI's outstanding common stock without further action by shareholders.
The primary purpose of the reverse split is to increase the per-share trading price of CTI's stock in order to regain compliance with the NASDAQ Marketplace Rules for continued listing on the NASDAQ Global Market and to potentially appeal to a broader range of investors.
The reverse split will affect all outstanding shares of CTI's common stock as well as the number of shares of common stock underlying stock options and other exercisable or convertible instruments outstanding at the effective time of the reverse split but will not affect the number of authorized shares.
Upon the effectiveness of the reverse stock split, CTI shareholders will receive one new share of CTI common stock in exchange for every ten shares they hold. CTI's common stock will begin trading on a split-adjusted basis on the MTA in Milan on September 1, 2008 and will begin trading on a split-adjusted basis on the NASDAQ Global Market on September 2, 2008 under the temporary trading symbol "CTICD" in order to inform the investment community of the reverse stock split (MTA trading symbol shall not change). The trading symbol will revert to "CTIC" on September 30, 2008.
About Cell Therapeutics, Inc.
Headquartered in Seattle, CTI is a biopharmaceutical company committed to developing an integrated portfolio of oncology products aimed at making cancer more treatable. For additional information, please visit http://www.CellTherapeutics.com.
This press release includes forward-looking statements about the potential benefits of the reverse stock split that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results. Specifically, the risks and uncertainties include the possibility that our stock price may decline following the reverse split, the possibility that we may not be able to sustain a trading price adequate to maintain the listing standards for the NASDAQ Global Market even with the split, the possibility that we may not meet other criteria for continued listing on the NASDAQ Global Market in the future even if our stock price stays above the minimum bid price, as well as the risk factors listed or described from time to time in the Company's filings with the Securities and Exchange Commission including, without limitation, the Company's most recent filings on Forms 10-K, 8-K, and 10-Q. Except as may be required by law, CTI does not intend to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.
CONTACT: Media, Dan Eramian, +1-206-272-4343, cell, +1-206-854-1200, fax,
+1-206-272-4434, media@ctiseattle.com, or Investors, Ed Bell,
+1-206-282-7100, or Lindsey Jesch, +1-206-272-4347, invest@ctiseattle.com,
all of Cell Therapeutics, Inc.
Web site: http://www.celltherapeutics.com/
