NEW YORK (GenomeWeb) — Cancer diagnostics developer Precipio said today that it will implement a 1-for-15 reverse stock split in a bid to regain compliance with a Nasdaq listing requirements.
In a filing with the US Securities and Exchange Commission, New Haven, Connecticut-based firm said that it received notice late last month that it did not meet the exchange's $1 minimum bid price requirement and that its stock was facing delisting.
The company said the reverse split will take effect at the start of trading on Monday.
During midday trading on Friday, shares of Precipio fell 24 percent to $.355, well off a 52-week high of $.68.
Precipio had previously been notified that its shares did not meet the Nasdaq's minimum bid requirement about a year ago. In September, it received a 180-day extension to meet the requirement.