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Nanosphere Proposes Share Number Increase, Reverse Stock Split

NEW YORK(GenomeWeb) – Nanosphere said after the close of the market on Tuesday that it will hold a special shareholders' meeting next month to vote on proposals by the firm to increase the number of its shares and to carry out a reverse stock split in order to regain compliance with Nasdaq listing requirements. 

During the April 7 meeting, shareholders will vote on whether to approve Nanosphere's request to increase its share number to 250 million from 150 million. Shareholders will also vote on whether to effect a reverse stock split of its issued and outstanding common shares with a ratio in the range of between 15-to-one and 25-to-one, with the exact ratio to be determined by Nanosphere's board. 

The company is making the proposals in order to regain compliance with a Nasdaq listing requirement calling for a minimum $1 bid price. The Nasdaq warned the company about its non-compliance in September. 

Shares of Nanosphere were down more than 19 percent in Wednesday morning trading at $.20.