Xcyte Therapies announces one-for-10 reverse split of common stock

By Elaine Rigoli

Tampa, Fla., March 27 - Xcyte Therapies, Inc. announced that the one-for-10 reverse stock split of its common stock, which was approved by Xcyte's stockholders March 16, was effected at 12:01 a.m. ET Monday.

As a result of the reverse stock split, each holder of 10 shares of Xcyte common stock will receive one share of Xcyte common stock.

Xcyte will not issue fractional shares in connection with the reverse stock split, according to a news release.

Instead, each holder of record that would otherwise be entitled to receive a fractional share will receive a cash payment amount equal to the value of the fractional share that such holder would otherwise be entitled to receive, based on the closing price of Xcyte common stock on March 24, as reported by the Nasdaq National Market.

Xcyte is a Seattle-based biotechnology company.

Shares of Xcyte (Nasdaq: XCYTD) were up 59 cents, or 7.97%, at $7.99 on Monday.

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