Shares of Aptevo Therapeutics Inc (NASDAQ:APVO) fell sharply during Friday's session after the Seattle-based company announced a one-for-eighteen reverse stock split.
Every 18 shares of common stock issued and outstanding will be converted into one share of common stock on December 29 after the market closes at a par value of $0.001 per share. Aptevo's stockholders approved the split at the company's annual meeting of stockholders in July and the company's board approved the final ratio mid-December.
Aptevo Therapeutics shares dipped 38.3% to $0.57 on Friday.
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