Protalix Bio Therapeutics Inc (NYSE: PLX) has been gaining upside momentum after a drop in the first week of December. On the 9th of December, the company announced that, its stockholders’ special meeting had approved an amendment that would see it do a stock split at a ratio of 1 for 10. The company also announced the reduction of its authorized shares from 350 million shares to 120 million shares.
Commenting on this development, the company CEO, Dror Bashan stated that, they were grateful to stakeholders for showing support for the company. He added that the move was driven by the need to remain in compliance with the NYSE listings requirements, and grow value for shareholders.
The company also announced that, the split would take effect on the 19th of December, and that from that point on, it would be trading on the NYSE under the new number, 74365A-309. It also added that no fractional shares would be issued in relation to the reverse stock split.
On the 19th of December, when the reverse stock split was announced, the company announced that it was adding two experienced two biopharmaceuticals executives to its board. The two executives are Pol Boudes MD, and Gwen Melincoff. The company stated that, Pol Boudes was bringing in wide experience in R&D in Fabry disease, medical innovation, and orphan drugs. Gwen Melincoff was bringing in experience in biotechnology and pharmaceutical business development, venture funding, and deal-formation.
Commenting on the two additions, the CEO, Dror Bashan stated that, the company was looking forward to the valuable insights that the two were adding to the board. He added that, the company was looking to benefit from their guidance in pushing forward its clinical pipeline.
Looking at its price action in Friday’s session, the stock traded between a low of $2.43 and a high of $2.77 before closing the day at $2.60. Volumes in the day stood at 197.86k.
About Protalix Bio Therapeutics Inc
Protalix Bio Therapeutics Inc is a biopharma company focused on recombinant therapeutic proteins through its proprietary system.