ContraVir Pharmaceuticals Inc (CTRV) said Friday it has effected a reverse split of its common stock, $0.0001 par value, at a ratio of 1-for-70.
The company said in a statement the reverse stock split aims to bring the company into compliance with the minimum bid price requirement for maintaining its listing on the Nasdaq Capital Market.
The company said its common stock will open for trading on Nasdaq on June 3 on a post-split basis.
As a result of the reverse split, each 70 pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of the holders. The number of outstanding common shares will be reduced to approximately 590,500 shares from about 41.3 million shares.