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OpGen to Execute 1-for-10 Reverse Stock Split

NEW YORK – OpGen said Thursday that its board of directors has approved a 1-for-10 reverse stock split of its common shares, effective premarket on May 20.

The reverse stock split is intended to bring the molecular diagnostics firm back into compliance with the Nasdaq's minimum bid price listing requirement of $1.00 per share. As of May 20, every 10 shares of OpGen's outstanding common shares will be converted to one outstanding common share without any change in the par value of $.01 per share.

Pacific Stock Transfer is the paying agent for the reverse stock split.

Rockville, Maryland-based OpGen received a warning from Nasdaq in June 2023 that its common stock had fallen below the minimum bid price for 30 consecutive business days, although company officials said in February 2024 that the Nasdaq Hearings Panel had granted their request for continued listing with a June 3 deadline to regain compliance.

OpGen also said last month that it had received a warning from the exchange that it was overdue to submit its 2023 annual report to the US Securities and Exchange Commission. The firm responded that it was unable to file its annual Form 10-K by April 1 without unreasonable effort or expense. It said it had been finalizing that report and expected to regain compliance with the requirement.

OpGen's Curetis and Ares Genetics subsidiaries also filed for bankruptcy late last year after unsuccessful attempts by OpGen to sell their business assets in exchange for capital to continue its operations.