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GTC Biotherapeutics Inc. is doing a one-for-10 reverse split of its common stock to raise money.
Framingham-based GTC (Nasdaq: GTCB) made the announcement this week, explaining it had filed the necessary amendment articles to its articles of organization with the Massachusetts Secretary of the Commonwealth’s office. Company stockholders will receive one new share of GTC common stock for each 10 shares they are holding. The reverse stock split was effective on May 26.
The reverse stock split cuts the number of shares of GTC’s common stock outstanding from approximately 104.4 million to approximately 10.4 million. There were an estimated 210 million authorized shares of common stock. Additionally, GTC’s common stock will trade on the Nasdaq Capital Market on a split-adjusted basis. To denote the reverse stock split, the stock will trade under the stock symbol “GTCBD” for 20 trading days, after which it will resume trading under the symbol “GTCB.”
According to Geoffrey Cox, GTC’s chairman of the board and CEO, this reverse stock split “is an integral part of GTC’s progress towards securing additional funding.” The lower outstanding share count meets Nasdaq listing requirements and establishes additional authorized shares for new investments. The company plans to update the market on the financing progress before the end of June.
GTC develops therapeutic proteins produced through transgenic animal technology. Its ATryn antithrombin is approved for use in the United States and Europe.
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