Techniclone Stock Will Split March 12
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Techniclone International Corp. said that its board has set March 11 as the implementation date for the 1-for-100 reverse stock split originally approved in December.
Lon H. Stone, chief executive officer of the company, said the split will move the company out of the “extremely speculative” penny stock market.
Stone said the company now has about 585 million shares outstanding, which will be converted to about 5.85 million shares when the split becomes effective March 12. He said that Techniclone’s stock has most recently been trading at between three and four cents per share.
Techniclone International Corp. is a bioengineering company based in Santa Ana.
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