Cyclacel Pharmaceuticals (CYCC -4.5%) slides after earlier announcing a 1-for-7 reverse stock...

Cyclacel Pharmaceuticals (CYCC -4.5%) slides after earlier announcing a 1-for-7 reverse stock split, effective today at 5:00 pm. The split is intended to satisfy the $1.00 minimum bid price requirement for continued listing on NASDAQ. The stock has been pummeled since early March on a series of disappointing earnings reports, as well as less-than-stellar Phase 1 data on its two marquee drugs in June, which has since cut nearly 40% off its market cap.