04:28 PM EDT, 09/17/2024 (MT Newswires) -- Traws Pharma ( TRAW ) said Tuesday its shareholders approved a reverse stock split in the range of 1-for-15 to 1-for-25 at the company's 2024 special meeting of shareholders held on Monday.

The company's board authorized a 1-for-25 reverse stock split, effective close of business on Friday and Traws' shares will start trading on a split-adjusted basis on Sept. 23.

The stock split will reduce the number of issued and outstanding shares to about 1.8 million from 45.7 million, Traws added.

The shareholders also approved the issuance of shares upon conversion of Traws' series C non-voting convertible preferred stock and increased authorized common shares to 250 million from 125 million.