Previously, the company’s board of directors has approved a 1-for-17 reverse split of its outstanding common stock. The number of shares of the company’s outstanding common stock will be reduced to approximately 5.9 million shares, including an approximate float of 1 million shares as a result of the split.
Jeff Roman, president and CEO of PanGenex, said: “We are very excited to have executed the initial step of our business model. Our team is confident that finalizing the acquisition of Calgenex is the best strategic move for our organization and our shareholders.”