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Lynx Completes One-for-Two Reverse Stock Split; Solexa Merger Still Expected to Close This Month

NEW YORK, March 3 (GenomeWeb News) - Lynx Therapeutics said yesterday that its board of directors has approved a one-for-two reverse split of its common stock, meaning that every two shares of common stock will be reduced to one share.

 

The reverse split will reduce the number of shares of common stock outstanding from approximately 7.53 million shares to approximately 3.76 million shares. The move was approved by Lynx stockholders on March 1 in conjunction with the pending merger of Lynx and Solexa, expected to be completed later this month.

 

One of the reasons for the reverse split was to meet the Nasdaq SmallCap Market initial listing requirement of a $4 per share minimum bid price for the 90 trading days preceding the merger with Solexa, according to the company. The stock was at $4.80 in early-morning trading on the Nasdaq small cap exchange.

 

The reverse-split common stock will begin trading today under the temporary trading symbol LYNXD for approximately 20 trading days. Lynx will pay cash in lieu of fractional shares based on its common stock closing price on March 2.

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