Replies to post #2323 on Cellectar Biosciences Inc (CLRB)

[Talc Moan]

Cellectar Biosciences Announces 1-for-20 Reverse Stock Split and Reduction in Authorized Shares of Common Stock
Jun 13, 2014
OTC Disclosure & News Service

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MADISON, Wis., June 13, 2014 (GLOBE NEWSWIRE) -- Cellectar Biosciences, Inc. (OTCQX:CLRB), announced a 1-for-20 reverse stock split of its common stock, effective at the close of business today, as a first step in a planned listing of its common stock on the NASDAQ Capital Market.

Shares of Cellectar's common stock will trade on a post-split basis beginning on June 16, 2014. The Company's ticker symbol will remain unchanged, although a "D" will be placed on the ticker symbol, CLRB, for 20 business days to alert the public to the Reverse Split. The new CUSIP number for Cellectar's common stock post-reverse stock split will be 15117F 203.

At the effective time of the reverse stock split, every 20 shares of Cellectar's issued and outstanding common stock will automatically be combined into 1 issued and outstanding share of common stock without any change in the par value of the shares. This will reduce the number of outstanding common shares of Cellectar from approximately 57 million to approximately 2.8 million. In conjunction with the reverse stock split, Cellectar will decrease the number of its authorized shares of common stock from 150,000,000 to 20,000,000. Stockholders approved the reverse split and the reduction in authorized shares at the 2014 Cellectar Annual Meeting held on May 22, 2014. Additional information can be found in a Form 8-K to be filed with the Securities and Exchange Commission.

"We believe this reverse split will make an investment in Cellectar both viable and more appealing to a broader institutional investment community," commented Dr. Simon Pedder, president and chief executive officer of Cellectar. "Coupled with a successful capital raise, the next prerequisite, and planned NASDAQ listing, we should be able to meaningfully increase stockholder value as we execute our clinical programs and advance our pipeline of promising cancer-targeting imaging and therapeutic technology."

Proportionate voting rights and other rights of common stockholders will not be affected by the reverse stock split, other than as a result of the cashing out of fractional shares. Stockholders who would otherwise hold a fractional share of common stock will receive a cash payment in lieu of a fractional share. Please direct any questions you might have regarding payments for fractional shares to your broker or our transfer agent, American Stock Transfer & Trust Company, by calling [phone].