Radiopharmaceutical developer Navidea Biopharmaceuticals has announced a reverse split of its stock as part of the company's efforts to regain compliance with New York Stock Exchange (NYSE) listing requirements.
Navidea's board approved a one-for-20 reverse split, to take effect on April 26. Shares of the company's common stock will start trading on a split-adjusted basis when the NYSE American market opens that day.
The reverse split is part of the company's plan to regain compliance with NYSE American listing requirements, as the company has received noncompliance letters from the exchange in the past. The reverse split should also make the stock more attractive to brokerage firms and institutional investors who won't buy shares of companies that are trading below $1 a share.
