Advanced Cell Cancels Reverse Stock Split

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After Marlborough-based Advanced Cell Technology's shareholders approved a reverse stock split this summer, the company said today it will not complete the split because of "market conditions and other corporate factors."

A reverse split would have consolidated the number of existing shares, while increasing the value of the shares that remained by an equal amount.

ACT's goal was to uplist from the OTC Bulletin Board to a national stock exchange, but instead it will allow shareholder approval of the split to lapse Dec. 31.

"We believe that now is not the appropriate time to conduct a reverse split of our stock," ACT CEO Gary Rabin said in a statement. "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."

Rabin said getting a listing on a higher exchange remains a priority, but added that the company's stock price has fallen "despite the significant profess 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," Rabin said.

ACT, which is developing stem cell treatments for several eye diseases, would need shareholder approval again if it wants to pursue a reverse split.

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