“We believe that now is not the appropriate time to conduct a reverse split of our stock,” said Gary Rabin, ACT’s chairman and CEO. “When we sought shareholder approval to complete such a move, we said that we would only pursue it if the market conditions were right, and a stock split would allow us to list on a National Exchange. While listing on such an Exchange remains a high priority, we believe the focus by our shareholders on a reverse split has contributed to a sharp decline in the price of our stock, despite the significant progress we have made in our clinical programs. We hope that by removing the reverse split from consideration at this time that investors will again focus on the potential of our technology and the promising results we have had in the clinic to date.”
