Large Scale Biology reverse splits stock

New York, Dec. 9 - Large Scale Biology Corp. said it will make a one-for-five reverse split of its stock effective before the start of trading Monday.

The stock will trade under the temporary ticker symbol of "LSBCD" until Jan. 11, when it will revert to "LSBC."

Stockholders authorized the reverse split at a special meeting on Nov. 21 and the board of directors approved the one-for-five split at a meeting on Nov. 28.

Large Scale Biology said it is carrying out the reverse split in order to meet the Nasdaq Capital Market listing standard of a closing bid price of at least $1.00 per share.

On Aug. 24 Nasdaq notified the company that it did not comply with the $1.00 minimum. A further warning followed on Nov. 23 because it did not have a minimum of $2.5 million in stockholders' equity or $35 million market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years.

Large Scale Biology is a Vacaville, Calif., company developing therapeutic and industrial proteins, vaccines and diagnostic products for effective characterization and treatment of disease.

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