Biotech, Life Sciences, Stocks

Cell Therapeutics Authorizes 1-for-10 Reverse Stock Split

Luke Timmerman 8/25/08

Cell Therapeutics said today its board has authorized a 1-for-10 reverse stock split, meaning that shareholders will get one share of common stock in exchange for 10 they own. The Seattle-based biotech company (NASDAQ: CTIC) said the change will take effect Aug. 31. The move was made primarily to regain compliance with Nasdaq listing requirements, the company said. Shares of Cell Therapeutics fell 2 cents to 25 cents at 10:57 a.m. Eastern time today.