NEW YORK (GenomeWeb) – Nanosphere today announced a 20-for-1 reverse stock split.
The reverse split will take effect at 5:00 PM EDT on Wednesday and commence at the open of trading on April 9. Nanosphere's common stock will continue trading on the Nasdaq Capital Market under ticker symbol "NSPH," while a new CUSIP number, 63009F204, has been assigned to the common stock in connection to the reverse split.
Nanosphere's shareholders approved the reverse split today, while its board determined the 20-to-1 ratio. As a result of the action, the number of Nanosphere's outstanding common shares will be reduced to about 5.9 million from 117.2 million, the firm said.
The company had been notified in September 2014 by Nasdaq that it was in non-compliance with a listing requirement for a minimum closing bid price of $1. The following month, though, Nanosphere moved to the Nasdaq Capital Market from the Nasdaq Global Market, on which the company's shares had previously traded.
The Nasdaq Capital Market has lower listing requirements than the Nasdaq Global Market.
In afternoon trading today, Nanosphere's shares rose about 9 percent to $.26.