NEW YORK (GenomeWeb) – Great Basin Scientific's board has approved a 1-for-300 reverse stock split, following approval by its shareholders, the company said on Thursday in a document filed with the US Securities and Exchange Commission.
The shareholder approval took place during a special meeting, during which shareholders approved a reverse stock split at a ratio of between 1 for 200 and 1 for 300. Subsequently, the board approved the split at the 1-for-300 ratio.
After the split, Great Basin's number of issued and outstanding shares will be reduced to 663,334 from 199 million shares, the Salt Lake City-based firm said.
Its shareholders and board also approved an increase in the number of authorized shares of Great Basin's common stock to 1.5 billion shares from 200 million shares. Both the reverse stock split and the authorized share increase will become effective immediately after midnight on Dec. 28.
In October, the company's shares began trading on the Over-the-Counter market after it failed to meet a Nasdaq listing requirement calling for a minimum market value of $35 million. Earlier this week, Great Basin submitted its stool pathogen molecular panel assay to the US Food and Drug Administration for 510(k) clearance.
The firm's shares were trading at a penny late Friday morning.