Effective today, August 27, shares of common stock of Safeguard Scientifics, Inc. (NYSE:SFE), a holding company that builds value in growth-stage life sciences and technology companies, have been split 1-for-6. Safeguard shares will continue to trade on the New York Stock Exchange under the symbol SFE. With the transaction, Safeguard has been assigned a new CUSIP number – 786449 20 7.
“Our reverse split takes effect today with the commencement of pre-market trading,” said Peter J. Boni, Safeguard President and Chief Executive Officer. “We believe this transaction will broaden Safeguard’s appeal to institutional investors, and reduce transaction costs and certain administrative expenses. Moreover, the reverse split comes at a time when Safeguard’s strategic execution and focus on fundamentals are strengthening the company’s financial position, creating value in our portfolio companies and enhancing long-term shareholder value.”