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Vela Diagnostics

The firm has asked the SEC to withdraw a registration statement for a previously planned $8 million equity financing, saying it no longer needs the financing.

The company also increased its number of authorized shares of common stock to 1.5 billion shares from 200 million shares. 

The approval from the firm's shareholders and board comes after Great Basin moved its stock to the Over-the-Counter market in October. 

The two-hour test requires about two minutes of hands-on time to detect multiple pathogens from stool samples. 

The firm was delisted from the Nasdaq during the third quarter, and reported a net loss of $29 million.

The company has received a number of warnings from the Nasdaq over the past year for its failure to meet the exchange's $35 million market value and $1 minimum bid price requirements.

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.

The firm now has until Feb. 27, 2017 to achieve and maintain a $1 minimum list price on its shares for 10 consecutive days. 

Continued growth in its customer base and the adoption of the firm's Group B Strep assay drove the increase.

For the three months ended June 30, the Salt Lake City-based firm saw a 126 percent increase in US customers, from 115 to 260.

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