Shareholders of ImmunoCellular Therapeutics have voted to implement a reverse stock split at a ratio not less than 1-for-3 and not greater than 1-for-10, according to the results of a special meeting held at the end of June.
The exact ratio will be determined by the company’s board of directors on or before Dec. 31, the company said in a statement.
ImmunoCellular, which had been researching cancer therapies at a location in Calabasas and later Westlake Village, sold its assets for $1 million by an unnamed private biotech company last summer after a fall from grace that involved securities fraud charges, failed research concepts and multiple high-level resignations.
ImmunoCellular had curtailed its operations and delisted from the New York Stock Exchange in October 2018; its stock now trades on the over-the-counter market.
At market close on Monday, shares of ImmunoCellular Therapeutics (IMUC) were listed at just over 2 cents.