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Akers Biosciences Effects 1-For-24 Reverse Stock Split

NEW YORK – Akers Biosciences on Monday effected a 1-for-24 reverse stock split of its outstanding common stock.

The Thorofare, New Jersey-based rapid screening and testing products provider had announced the reverse stock split on Friday.

In May, it was notified by the Nasdaq that it's stock was at risk of being delisted after its share had closed below the minimum $1 per share requirement for the past 30 days.

During Monday morning trading, shares of Akers were up to $7.12 per share after closing on Friday at $.29 per share.   

Earlier this month, the company terminated Howard Yeaton as CEO and interim chief financial officer, according to documents filed with the US Securities and Exchange Commission. The board of directors said it will try to negotiate an agreement with Yeaton to stay on as interim CFO. Akers also appointed Christopher Schreiber to executive chairman of the board and Robert Schroeder to serve as a member of the board and the audit committee.

Last year, the company underwent a strategic review and a 1-for-8 reverse stock split after a delisting warning from Nasdaq.