Durham-based Oxygen Biotherapeutics executes reverse 1-for-15 stock split
Oxygen Biotherapeutics
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DURHAM, N.C. – Shares in Oxygen Biotherapeutics (OTC Bulletin Board: OXBO) will be trading sharply higher Monday after the company completed a reverse 1-for-15 stock split on Friday after the markets closed.
Shares traded at 41 cents Friday.
The share symbol also changes Monday to OXBT.
"This reverse split was overwhelmingly approved by our shareholders in support of our plan to move the listing of our shares to a major exchange from the over-the-counter bulletin board," said Chris Stern, Oxyben’s chief executive officer, in a statement. "We believe that moving the listing will enhance the liquidity of our shares and improve our ability to attract new investors as we move ahead with our product development plans.”
We have filed the application to move our listing and will be working to facilitate and execute the listing move as fast as the stock exchange will allow us to do it.”
Shareholders approved the stock move on Oct. 19.
The number of shares will be reduced to some 19.6 million from nearly 294 million.
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