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Orchid Shareholders Give Permission for Reverse Stock Split

NEW YORK, March 1 (GenomeWeb News) - Orchid BioSciences' shareholders have approved a potential reverse stock split, Orchid said Friday.

 

Shareholders gave the board of directors permission on Friday to implement a reverse stock split, at a ratio between one-for-three shares to one-for-seven-shares, anytime before Orchid's annual meeting, scheduled for June 11. The reverse split would affect all outstanding shares of Orchid's common stock.

 

Orchid hopes that a reverse stock split would allow it to market its stock to new investors, and to make its stock price less volatile, the company said.

The Scan

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