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Biocept Completes Reverse Stock Split, Adds New Managed Care Contract for Liquid Biopsy Tests

NEW YORK – Liquid biopsy firm Biocept has completed a 1-for-10 reverse stock split to regain compliance with the Nasdaq $1.00 minimum bid price requirement. As a result of the split, effective with the open of the market on Tuesday, the firm's common stock is now trading on a split-adjusted basis.

Authorization for the reverse split was approved by the company's stockholders at Biocept's 2020 annual shareholder meeting, although the vote was delayed several times due to an insufficient number of ballots in favor.

The reverse stock split combined 10 pre-split shares of Biocept's common stock outstanding into one share. The firm has not issued any fractional shares and is instead paying cash to any stockholders with remaining uncombinable shares.

Separately on Tuesday, Biocept also said that it has entered into an agreement with Health Net Federal Services for in-network provision of its menu of Target Selector liquid biopsy tests to the TRICARE West (TriWest) region network. 

TriWest provides healthcare services to approximately 3 million members of the US military and their families. Biocept President and CEO Michael Nall said in a statement that expanding the number of managed care agreements for its testing is one of the company's strategic objectives. 

In early morning trading on the Nasdaq on Tuesday, Biocept's shares were down more than 12 percent to $4.65.