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Nanogen Asks Shareholders to Consider Financing Options, Including Reverse Stock Split

NEW YORK (GenomeWeb News) – Nanogen said yesterday that it has called for a special meeting of its stockholders in which it will seek approval for several options that it believes “will increase the financing alternatives available to it.”
 
In a preliminary proxy statement filed with the US Securities and Exchange Commission, Nanogen said it will ask shareholders to approve the company’s debt financing, an increase in the number of authorized shares of common stock, and a reverse stock split that it expects to help it company maintain its listing on the Nasdaq Global Market.
 
Nasdaq notified Nanogen on Dec. 3 that it may delist the company’s stock because it has been trading under $1 per share since mid-September.
 
The company's shares were $.52 in mid-afternoon trading today.
 
Nanogen said the proposed financing options are “an important and continuing component" of restructuring activities that it announced earlier this year, which include the divestiture of its microarray business and a greater focus on clinical diagnostics.
 
The company said in the SEC filing that it is asking shareholders to approve a $20 million debt financing plan it signed in August, as well as a plan to increase the number of authorized shares of common stock from 135 million shares to 250 million shares.
 
Nanogen is also seeking shareholder approval for a reverse stock split “at a specific ratio within a range of 1:5 to 1:15,” to be determined by the company’s board of directors within a twelve month period following stockholder approval.
 
Nanogen did not disclose the date of the shareholder meeting.

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