Skip to main content
Premium Trial:

Request an Annual Quote

CombiMatrix Shareholders Approve Second Tranche of Private Placement, Reverse Stock Split

NEW YORK (GenomeWeb News) – CombiMatrix announced after the close of the market on Tuesday that shareholders approved the second tranche of a private placement that seeks to raise $2.5 million in total.

Shareholders also approved a one-for-10 reverse stock split, the Irvine, Calif.-based company said.

The private placement of CombiMatrix's Series A Preferred Stock was announced in October, and the firm said on Tuesday that it raised gross proceeds of $1.05 million in the first tranche. Approval for the second tranche was approved at a special meeting of shareholders on Nov. 29.

Shareholders also approved the reverse stock split, which became effective at the close of business on Tuesday. A one-for-10 reverse split of CombiMatrix's Nasdaq-listed warrants occurred at the same time.

The reverse split was carried out in order for CombiMatrix to comply with Nasdaq listing requirements, it said. During the summer Nasdaq warned the company that it was not in compliance with a requirement calling for minimum bid of $1 per share for at least 30 consecutive business days.

The reverse split increases the number of shares that CombiMatrix has for issuance.

It said that it expects its split-adjusted shares of common stock and split-adjusted Nasdaq-listed warrants to begin trading on the Nasdaq Capital Market at the start of the trading day on Dec. 5.

The Scan

Support for Moderna Booster

An FDA advisory committee supports authorizing a booster for Moderna's SARS-CoV-2 vaccine, CNN reports.

Testing at UK Lab Suspended

SARS-CoV-2 testing at a UK lab has been suspended following a number of false negative results.

J&J CSO to Step Down

The Wall Street Journal reports that Paul Stoffels will be stepping down as chief scientific officer at Johnson & Johnson by the end of the year.

Science Papers Present Proteo-Genomic Map of Human Health, Brain Tumor Target, Tool to Infer CNVs

In Science this week: gene-protein-disease map, epigenomic and transcriptomic approach highlights potential therapeutic target for gliomas, and more