Rosetta Genomics

Rosetta had disclosed that it intended to file for bankruptcy after its merger with Genoptix was not completed as planned.

The merger, which was previously scuttled and later revived with Rosetta shareholder approval, was due to close on May 27.

Upon completion of the transaction, Rosetta will become a privately held subsidiary of Genoptix and its shares will cease to trade on the Nasdaq.

The deal comes as the firms try — for the second time — to close a merger that had previously failed to gain necessary approval from Rosetta shareholders.

Genoptix's $9 million bid for Rosetta comes just days after the companies' first merger agreement failed to secure shareholder approval.

Genoptix terminated the merger agreement after an insufficient number of Rosetta shareholders voted in favor of the deal.

Genoptix has also agreed to provide a $1.8 million secured bridge loan facility to fund Rosetta’s operations through the closing of the deal.

Last month, the company was notified that it no longer met the Nasdaq's stockholder equity listing requirement and faced delisting.

Earlier this year, Rosetta effected a 1-for-12 reverse stock split after failing to meet the Nasdaq's $1 minimum bid price requirement.

The company also disclosed that the previously announced sale of its PersonalizeDx business has been delayed after the buyer failed to complete the transaction.

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