NEW YORK – GeneDx said Friday that its board of directors has approved a 1-for-33 reverse stock split of its common stock. The move, which will take effect May 4, is intended to help the firm regain compliance with the Nasdaq's minimum bid price listing requirement of $1 per share.
The reverse stock split will reduce the number of outstanding GeneDx shares to about 25.6 million from 844.4 million.
The Stamford, Connecticut-based company, formerly known as Sema4, received a notice of noncompliance from the Nasdaq on Dec. 28 because its stock price had been below $1 per share for 30 consecutive trading days. GeneDx posted a net loss of $549.0 million in 2022.
GeneDx shares were down 6 percent at $.25 in the first half hour of trading Friday.