WaferGen | GenomeWeb

WaferGen

The firm recently enacted a 1-for-5 reverse stock split to help its shares meet the minimum bid price requirement for listing on the market.

The firm said the one-for-five reverse split will help address a looming delisting from the Nasdaq Capital Market by boosting the bid price per share above $1.00.

The company recently urged shareholders to approve the deal, saying the cash consideration they'd receive would represent a premium over recent stock prices.

The firm said it is on track to meet the full-year consolidated revenues that it needs in order to satisfy the terms of its pending merger with Takara Bio USA.

The single-cell analysis firm told shareholders that while the final offer from Takara is not set in stone, they're unlikely to be offered better terms.

The firm sold four ICell8 Single-Cell Systems, but noted the sales cycle is longer than anticipated and it is thus lowering full-year revenue guidance. 

Last month, the companies announced that Takara Bio USA — formerly Clontech Laboratories and now a subsidiary of Japan's Takara Bio — would acquire WaferGen.

Takara said it will pay an aggregate cash purchase price that will be based on a multiple of WaferGen's 2016 revenues, capped at $50 million.

The company said it placed two ICell8 Single-Cell Systems during the quarter, doubling the number of systems placed since the product's launch last October.

The firm said that product revenues in Q4 2015 were up about 50 percent year over year, while license and royalty revenues remained flat.

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