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Cellectar Biosciences Announces One-for-Thirty Reverse Stock Split
Cellectar BiosciencesCellectar Biosciences(US:CLRB) GlobeNewswire News Room·2025-06-18 20:30

Core Viewpoint - Cellectar Biosciences, Inc. announced a one-for-thirty reverse stock split effective June 24, 2025, aimed at consolidating shares to potentially enhance stock performance and meet listing requirements on Nasdaq [1][2]. Company Overview - Cellectar Biosciences is a late-stage clinical biopharmaceutical company focused on developing drugs for cancer treatment, utilizing its proprietary Phospholipid Drug Conjugate™ (PDC) delivery platform [7]. Reverse Stock Split Details - The reverse stock split was approved by stockholders on June 13, 2025, reducing the number of shares from approximately 54.36 million to about 1.81 million [2]. - Each stockholder's percentage ownership will remain unchanged, except for fractional shares, which will be compensated in cash [3]. - The reverse stock split will proportionately affect the number of shares available under equity incentive plans and adjust the terms of outstanding stock options and warrants accordingly [4]. Administrative Aspects - Equiniti Trust Company, LLC will act as the transfer agent for the reverse stock split, managing the issuance of post-split shares without requiring action from stockholders [5]. - Additional information regarding the reverse stock split is available in the company's definitive proxy statement filed with the SEC [6]. Product Pipeline - Cellectar's product pipeline includes iopofosine I 131, which has received Breakthrough Therapy Designation from the FDA, and other programs targeting various solid tumors [8][10]. - The company is also developing CLR 121225 and CLR 121125, targeting significant unmet needs in cancer treatment [8][9].