MADISON, Wis., March 04, 2016 (GLOBE NEWSWIRE) — Cellectar Biosciences, Inc. (Nasdaq:CLRB), an oncology-focused biotechnology company, today announces a 1-for-10 reverse stock split of its common stock, effective at the close of business today.

Shares of Cellectar’s common stock will trade on a post-split basis beginning on March 7, 2016. The Company’s ticker symbol, CLRB, will remain unchanged.  The new CUSIP number for Cellectar’s common stock post-reverse stock split will be 15117F302.

“We believe there are important benefits for our company resulting from this reverse stock split. In addition to supporting our continuing efforts to remain listed on Nasdaq, which, among other things, requires our stock be at a bid price of $1.00 or higher, we believe the reverse stock split will better position  the company to attract capital in future financing transactions,” said Jim Caruso, president and CEO of Cellectar.“With a focused investment of additional capital to drive our clinical and research programs, we believe there is a significant opportunity to create meaningful stockholder value.”

At the effective time of the reverse stock split, every 10 shares of Cellectar’s issued and outstanding common stock will automatically be combined into 1 issued and outstanding share of common stock without any change in the par value of the shares. This will reduce the number of outstanding common shares of Cellectar from approximately 8.6 million to approximately 860,000. Stockholders approved the reverse split at the Special Meeting held on February 8, 2016. Additional information can be found in a Form 8-K to be filed with the Securities and Exchange Commission.

Proportionate voting rights and other rights of common stockholders will not be affected by the reverse stock split, other than as a result of the cashing out of fractional shares. Stockholders who would otherwise hold a fractional share of common stock will receive a cash payment in lieu of a fractional share. Please direct any questions you might have regarding payments for fractional shares to your broker or the company’s stock transfer agent, American Stock Transfer & Trust Company, by calling (718) 921-8317.