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Roka Bioscience Plans 1-for-10 Reverse Stock Split

NEW YORK (GenomeWeb) – Food safety test developer Roka Bioscience announced today that it will effect a 1-for-10 reverse split of its common stock in an effort to regain compliance with the Nasdaq's $1 minimum bid price requirement.

The reverse split, which was approved by shareholders at the company's annual meeting earlier this year, will reduce the number of outstanding shares to about 1.8 million from 17.8 million. The move will affect all Roka shares and proportionally reduce the number of common shares underlying its outstanding Series A preferred stock, warrants, and equity awards.

"Each stockholder's percentage ownership interest and proportional voting power remains unchanged and the rights and privileges of the holders of the company's common stock are unaffected," the company noted in a statement.

The reverse split will take effect at the opening of trading on Oct. 12.

During late morning trading on the Nasdaq, shares of Roka were down 8 percent to $.68.