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Pressure Biosciences Plans Reverse Stock Split

NEW YORK (GenomeWeb) – Pressure Biosciences announced today that it plans to effect a reverse split of its common stock in order to satisfy the Nasdaq's requirements for initial listing on the exchange.

The one-for-30 reverse split, effective as of June 5, is intended to increase the per-share trading price of the company's common stock to satisfy the $4 minimum bid price requirement for initial listing on the Nasdaq. Every 30 shares of Pressure's common stock issued and outstanding prior to the opening of trading on June 5 will be consolidated into one issued and outstanding share.

The shares underlying the company's outstanding convertible securities will also be adjusted accordingly, Pressure said. Trading of the company's common stock on the OTCQB exchange will continue on a split-adjusted basis.

The company will have approximately 1.1 million shares issued and outstanding immediately after the reverse stock split goes into effect.