The company is aiming to use the reverse split to regain compliance with the Nasdaq's $1 minimum bid price requirement.
The 1-for-80 split of the company's common stock, which will go into effect on Sept. 16, will reduce its outstanding shares to approximately 1 million.
Qiagen plans to return about $250 million to shareholders through a program that combines a direct capital repayment with a reverse stock split.
The company implemented the reverse stock split in order to regain compliance with the Nasdaq's minimum bid price listing maintenance requirements.
The company said that its board will decide the ratio and timing of the split, which will cure a previously announced authorized share failure.
The company made the move with an eye toward listing its shares on a national securities exchange such as the Nasdaq or New York Stock Exchange.
The reverse stock split was done in order for BG Medicine to remain listed on Nasdaq, which had warned the firm in September of possible delisting action.
As a result of the action, the number of Nanosphere's outstanding common shares will be reduced to about 5.9 million from 117.2 million, the firm said.
The firm's shareholders will vote next month on the proposals, which are aimed at getting Nanosphere back in compliance with Nasdaq listing requirements.
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