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Sesen Bio Nixes Reverse Stock Split Plan; Shares Rise

11:04AM ET 6/17/2022 MT Newswires
Sesen Bio (SESN) said Friday that it is no longer seeking a reverse stock split of its common shares to avoid a potential delisting.

The late-stage clinical company received a notice in January from the Nasdaq that it was not in compliance with the exchange's $1 minimum closing bid price requirement and could be subject to delisting if it did not regain compliance by July 25.

Sesen said in a regulatory filing Friday that it will no longer seek shareholder approval for its proposal to effect a reverse stock split at a ratio in the range of 1-to-5 to 1-to-10 and a proportionate reduction in the number of its authorized common shares.

The company said it was confident that it could maximize shareholder value without effecting a reverse stock split at this time and that it will weigh its options to regain compliance with Nasdaq's minimum bid price.

Sesen shares were up 31% in recent trading.

Price: 0.77, Change: +0.18, Percent Change: +30.70