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CombiMatrix Initiates 1-for-15 Reverse Stock Split

NEW YORK (GenomeWeb) – CombiMatrix announced today that its board has approved a 1-for-15 reverse split of its common stock.

The reverse split was authorized so that the molecular diagnostics company could regain compliance with the Nasdaq's minimum bid price listing maintenance requirements, CombiMatrix said. The company was warned in December that it could face delisting from the Nasdaq for failing to meet the stock exchange's $1 minimum bid price. It was given 180 calendar days in which to regain compliance.

The reverse split will also increase the number of shares of common stock available for the company to issue. No fractional shares will be issued, and any shareholders who would have been entitled to a fractional share of the new common stock will now receive a cash payment instead, the company added. Proportional adjustments will also be made to the company's 2006 Stock Incentive Plan reserve and to its outstanding stock options, restricted stock unit awards, Series E Preferred Stock, and warrants. 

The reverse stock split will become effective on Jan. 29, and will be effective for trading purposes on Feb. 1. 

CombiMatrix's shares were down 6 percent to $.43 in morning trade.

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