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ACT to let plan lapse

MARLBORO - Advanced Cell Technology Inc. will not go forward with a reverse split of its common stock.

The biotechnology company, which is developing medical treatments based on stem cells, decided to let a reverse-split plan lapse after the company's stock price fell.

Advanced Cell Chairman and Chief Executive Gary Rabin said in a news release, "We believe the focus by our shareholders on a reverse split has contributed to a sharp decline in the price of our stock, despite the significant progress we have made in our clinical programs."

Advanced Cell was trading at 6 cents a share Wednesday on the Over the Counter Bulletin Board, an electronic exchange. The price was down about 40 percent from about 10 cents a share in March, when the company filed plans for a reverse split.

The company has about 2 billion shares of common stock outstanding. Its reverse split plan would have given shareholders one share of common stock for every 20 to 80 shares of stock they held, depending on a ratio authorized by directors.

- Lisa Eckelbecker

Cahill's Tire to pay fine

OXFORD - Cahill's Tire Center will pay $2,000 of a $10,222 fine after environmental regulators detected wastewater violations at the Sutton Avenue business.

The Massachusetts Department of Environmental Protection said Wednesday that during an inspection in March, inspectors discovered the company discharged industrial wastewater to a floor drain leading to the ground and failed to have adequate protections for its underground storage tank. The business was also out of compliance with several hazardous waste management requirements, DEP said.

According to a consent order, Cahill's Tire Center will pay a $2,000 penalty, with the remainder suspended as long as no more violations occur for one year. The business must close its floor drain and remove its underground storage tank.

DEP said it suspended most of the fine because Cahill's is a small business and because it agreed to address the violations quickly.

- Priyanka Dayal McCluskey
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Title Annotation:BUSINESS
Publication:Telegram & Gazette (Worcester, MA)
Date:Dec 20, 2012
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