Shares of Aptevo Therapeutics Inc. (NASDAQ:APVO) are trading lower Friday after the Seattle-based company announced a one-for-eighteen reverse stock split.
What To Know: Every 18 shares of common stock issued and outstanding will be converted into one share of common stock on December 29 after the market closes at a par value of $0.001 per share. Aptevo’s stockholders approved the split at the company’s annual meeting of stockholders in July and the company’s board approved the final ratio mid-December.
Following the announcement, the stock value reached an all time low. The stock is hovering around 51 cents after trading within a 52-week range of 91 cents to $109.80.
Aptevo most recently reported quarterly losses of $2.23 per share, which missed the analyst consensus estimate of losses of $2.09 per share. The company’s net loss increased year-over-year, rising from $5.1 million in net losses to $7.5 million in net losses.
APVO Price Action: Aptevo shares were down 44.08%, trading at $0.5176 at the time of publication, according to Benzinga Pro.
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