Advanced Cell Technology Elects Not to Complete Reverse Split
MARLBOROUGH, Mass.--(BUSINESS WIRE)-- Advanced Cell Technology, Inc. ("ACT"; OTCBB: ACTC or the "Company"), a leader in the field of regenerative medicine, announced today that it will allow the shareholder approval it had received to complete a reverse split of its common stock prior to year-end to lapse, primarily due to market conditions and other corporate factors. If the Company decides to pursue a reverse split at a later date, it will need to file another proxy statement with the Securities and Exchange Commission, and seek shareholder approval. Shareholders had previously given the Company the discretion to complete a reverse stock split prior to December 31, 2012.
"We believe that now is not the appropriate time to conduct a reverse split of our stock," said Gary Rabin, ACT's chairman and CEO. "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. While listing on such an Exchange remains a high priority, we believe the focus by our shareholders on a reverse split has contributed to a sharp decline in the price of our stock, despite the significant progress 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."
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc., is a biotechnology company applying cellular technology in the field of regenerative medicine. For more information, visit www.advancedcell.com.
Statements in this news release regarding future financial and operating results, future growth in research and development programs, potential applications of our technology, opportunities for the company and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: limited operating history, need for future capital, risks inherent in the development and commercialization of potential products, protection of our intellectual property, and economic conditions generally. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in the company's periodic reports, including the report on Form 10-K for the year ended December 31, 2011. Forward-looking statements are based on the beliefs, opinions, and expectations of the company's management at the time they are made, and the company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change. Forward-looking statements are based on the beliefs, opinions, and expectations of the company's management at the time they are made, and the company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change. There can be no assurance that the Company's clinical trials will be successful.
James Young, 212-732-4300
ACT Corporate Communications
Bill Douglass, 646-450-3615
Martina Schwarzkopf, Ph.D., 212-845-4292
KEYWORDS: United States North America Massachusetts
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