Courtesy of Benzinga.
Agenus Inc. (Nasdaq: AGEN) today announced that its board of directors has approved a 1-for-6 share consolidation, or reverse stock split, that will become effective on October 3, 2011.
The primary objectives for implementing the reverse stock split are to enable the company to comply with NASDAQ’s minimum bid price requirement of $1.00 per share, to reduce the number of shares outstanding to be more commensurate with the company’s size and market capitalization and to reduce transaction costs for investors.
The company’s common shares will begin trading on a split-adjusted basis on The NASDAQ Capital Market at the opening of trading on Monday, October 3, 2011.
