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Oncocyte Initiates 1-for-20 Reverse Stock Split

NEW YORK – Oncocyte said on Monday afternoon that it will implement a 1-for-20 reverse stock split of the outstanding shares of its common stock.

The stock split will be effective at 5 p.m. PST on July 24, and the company's common stock will begin trading on a post-split basis at the opening of the market on July 25.

This will reduce the number of outstanding shares of Oncocyte's common stock to approximately 8.2 million, subject to potential adjustments, the company said. The split is part of the company's plan to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq, Oncocyte added.

In Monday late afternoon trading on the Nasdaq, shares of Oncocyte were down about 10 percent at $.19.

In April, the Irvine, California-based molecular diagnostics firm said it had reduced its workforce by about 20 percent. This followed layoffs in December 2022 when the company also announced plans to sell its DetermaRx lung cancer test.