The vote was made at a special meeting of stockholders held yesterday.
With the move, every 10 shares of the companys’ common stock will be exchanged for a single share, which the company said will reduce its stock from approximately 169.4 million to 16.9 million shares, according to an SEC filing.
Yesterday, Unilife saw shares plunge after it canceled an earnings conference call due to its discovery of possible company policy and legal “violations” by former chairman & CEO Alan Shortall.
A day earlier, Unilife said it would delay reporting its fiscal 3rd-quarter results “due to the discovery by the company’s current management team of violations of company policies and procedures and possible violations of law and regulation” by Shortall.
Unilife shares rose 2.7% to close at 37¢ today.