Skip to main content
Premium Trial:

Request an Annual Quote

WaferGen Enacts Reverse Stock Split

NEW YORK (GenomeWeb) – WaferGen Bio-systems today announced a one-for-five reverse stock split of shares of its outstanding common stock, according to a document filed with the US Securities and Exchange Commission.

The Fremont, California-based genomics technology firm said in a statement that the reverse split is intended to increase the per-share trading price of its common stock to satisfy the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market. The reverse split will reduce the number of issued and outstanding shares from approximately 18.9 million to approximately 3.8 million.

Shareholders approved the maneuver on May 25 at the company's annual meeting. It comes on the heels of a recently approved merger with Takara Bio USA Holdings. While Wafergen shareholders will receive cash consideration for outstanding equity securities, it will be based on the firm's 2016 consolidated full-year revenues rather than share price.

"Proportionate voting rights and other rights of common stockholders will not be affected by the reverse stock split," the firm said. "In lieu of issuing fractional shares in connection with the reverse stock split, the company will round fractional shares up to the next whole share."

The Scan

Call for a Different Tack

Experts weigh the value of recent experiments testing genetically modified pig kidneys using brain-dead individuals, according to Nature News.

Wastewater Warning

The New York Times reports that wastewater surveillance in some parts of the US point to a possible surge.

Can't Get in the Program

Due to the Northern Ireland protocol dispute, the European Union is preventing UK researchers from joining the Horizon Europe research program, the Times of London reports.

Science Paper on Spatial-Controlled Genome Editing

In Science this week: approach to enable a CRISPR-Cas13a-based system to be used as a cancer therapy.