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Interpace Effecting a 1-for-10 Reverse Stock Split

NEW YORK (GenomeWeb) – Interpace will effect a 1-for-10 reverse stock split in a bid to keep its shares listed on the Nasdaq, the company announced after the close of the market on Wednesday.

The reverse split, which takes effect at the start of trading on Thursday, is being effected in order to meet a requirement calling for a minimum bid price of $1 per share in order to continue listing on the Nasdaq Capital Market. Nasdaq had warned the company of the possible delisting in January, then issued another warning to Interpace in November, saying the firm failed to meet another listing requirement of a minimum $2.5 million in stockholders' equity.

Interpace said that it anticipates a Nasdaq hearing and cannot assure continued listing on the exchange will occur, however. Interpace's shares closed on Wednesday at $.75 per share.

The company's shareholders approved the split in August, and Interpace's board subsequently approved the ratio. After the reverse split, the number of Interpace's common stock outstanding will be reduced to about 2 million shares from 20.2 million shares.