Reverse stock split authorized for Genaera
Pennsylvania, USA-based Genaera Corp's board of directors has authorized the company to implement a one-for-six reverse split of its common stock, effective at the close of trading on May 11.
On a pre-split basis, Genaera had around 104.7 million shares outstanding as of March 31. As a result of the reverse stock split, every six shares of Genaera common stock will be combined into one, reducing the total number of shares outstanding to about 17.4 million.
Beginning on May 11, a D will be added to the Genaera trading symbol for 20 trading days to designate that shares are trading on a post-split basis. After such time, the symbol will revert to GENR.
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