Aptevo Therapeutics announces 1-for-20 reverse stock split

Aptevo Therapeutics (APVO) will conduct a reverse stock split of its outstanding shares of common stock, par value $0.001 per share, at a ratio of 1-for-20. The Reverse Stock Split is expected to become effective on May 23, at 5:01 p.m. Eastern Time with shares expected to begin trading on the Nasdaq Capital Market, on a split-adjusted basis, at market open on May 27. In connection with the Reverse Stock Split, every 20 shares of Common Stock issued and outstanding as of the Effective Time will be automatically converted into one share of Common Stock. No change will be made to the trading symbol for the Common Stock, “APVO,” in connection with the Reverse Stock Split. The Reverse Stock Split is part of the Company’s plan to maintain compliance with the continued listing standards of The Nasdaq Capital Market, among other benefits. The Reverse Stock Split was approved by the Company’s stockholders at the Company’s Special Meeting of Stockholders held on May 14 to be effected in the Board’s discretion within approved parameters. Following the Special Meeting, the final ratio was approved by the Company’s Board on May 21. The Reverse Stock Split will reduce the number of shares of outstanding Common Stock from approximately 13.5M shares to approximately 0.7M shares, subject to adjustment for rounding.