WaferGen

The preliminary revenue results come ahead of the company's planned merger with Takara Bio USA Holdings.

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.

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