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Cyclacel Pharmaceuticals , Inc. (NASDAQ:CYCC), a biopharmaceutical company currently trading at $0.23 per share with a market capitalization of $47 million, announced today a quarterly cash dividend for its preferred stockholders. The company’s Board of Directors has declared a dividend of $0.15 per share on its 6% Convertible Exchangeable Preferred Stock. While the company maintains this preferred dividend, InvestingPro data shows that Cyclacel does not pay dividends to common stockholders.
The dividend is scheduled for payment on May 1, 2025, to stockholders of record at the close of business on April 29, 2025. This decision comes after the Board conducted a thorough financial analysis and confirmed the company’s ability to pay the dividend from its surplus, despite InvestingPro data indicating a current ratio of 0.59, meaning short-term obligations exceed liquid assets.
While Cyclacel’s Board will continue to evaluate the possibility of future dividends on a quarterly basis, they have not guaranteed the declaration of dividends in subsequent quarters. The Board’s decision to pay dividends is contingent on various factors, including the company’s financial health and market conditions. Recent performance metrics from InvestingPro show concerning trends, with the stock down nearly 83% over the past six months and an overall Financial Health Score rated as WEAK.
This announcement is in accordance with the information provided in a recent 8-K filing by Cyclacel Pharmaceuticals with the Securities and Exchange Commission. The filing also confirms that the company’s common and preferred stocks are traded on The Nasdaq Capital Market under the ticker symbols CYCC and CYCCP, respectively.
Investors in Cyclacel’s preferred stock can expect to receive the declared dividend, provided they are recorded as stockholders by the specified date. The dividend declaration reflects the company’s current financial strategy and commitment to providing returns to its investors.
Cyclacel Pharmaceuticals is known for its focus on developing innovative cancer therapies and has a history of scientific research and drug development. The company’s latest financial decisions, including this dividend declaration, are based on careful consideration by the Board to support ongoing operations and shareholder value. According to InvestingPro analysis, the company’s current Fair Value indicates it may be overvalued at current levels, with additional insights available in the comprehensive Pro Research Report covering this and 1,400+ other US stocks.
In other recent news, Cyclacel Pharmaceuticals has completed the acquisition of assets related to Plogosertib, a cancer treatment drug, from its UK subsidiary, Cyclacel Limited, which is undergoing liquidation. This acquisition includes patent rights and aligns with the company’s strategic focus on cancer therapeutics. Furthermore, Cyclacel Pharmaceuticals has amended a securities purchase agreement with interim CEO David Lazar, allowing the company to direct Lazar to purchase up to $8 million of its common stock in private placements, with a six-month lock-up period on acquired shares. The company has also made significant amendments to its corporate structure, including the removal of ownership limitations on its Series C and Series D Convertible Preferred Stock and an increase in authorized common stock from 100 million to 250 million shares. These changes could potentially dilute existing shares but offer the company flexibility for future financing. Additionally, Cyclacel has announced the liquidation of its UK subsidiary as a cost-reduction measure, leading to the deconsolidation of the subsidiary’s financial results and an increase in stockholders’ equity by approximately $5.6 million. The company plans to focus on developing a new oral formulation of Plogosertib with improved bioavailability. These developments are part of Cyclacel’s ongoing efforts to streamline operations and concentrate on key drug development initiatives.
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