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As Planned, Sequenom Implements Reverse Stock Split in Effort to Regain Nasdaq Compliance

NEW YORK, June 2 (GenomeWeb News) - Sequenom today implemented a planned 1-for-3 reverse stock split in an effort to regain compliance with the Nasdaq exchange.

 

Under the split, each three outstanding shares of common stock are automatically combined and converted into one share. Since fractional shares will not be issued, cash payments will be made for those shares.

 

As GenomeWeb News reported on Wednesday, Sequenom's shareholders approved the split, and to increase the authorized shares of its common stock to 185 million.

 

The reverse split is part of the company's plan to regain compliance with Nasdaq National Market listing requirements. Sequenom last week received a letter saying it was not in compliance. Nasdaq Listing Qualifications Panel will decide whether to grant the company's request to continue being listed.

 

For the next 20 days, the company's Nasdaq ticker symbol will be SQNMD. The ticker symbol will return to the regular SQNM after this period.

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