NEW YORK — OpGen said on Wednesday that it is planning a 1-for-20 reverse stock split in order to regain compliance with the Nasdaq's minimum bid price listing requirement of $1.00 per share.
The reverse stock split, which will reduce the number of its outstanding common shares to about 2.9 million from approximately 58.0 million, took effect at the beginning of trading on Thursday.
Shares of OpGen were trading down nearly 18 percent at $2.84 on Thursday morning.
In November, the Rockville, Maryland-based molecular diagnostics firm reported a sharp decline in third quarter revenues, to $448,713 from $1.2 million, as its net loss swelled to $14.1 million, or $.30 per share, from $6.1 million, or $.16 per share, a year ago.