NEW YORK (GenomeWeb) – Molecular diagnostics firm Rosetta Genomics announced today that it will effect a 1-for-12 reverse stock split in order to help regain compliance with the Nasdaq Capital Market's listing requirements.
In October, the company disclosed that it had been notified that it failed to meet the Nasdaq's $1 minimum bid price requirement for continued listing on the exchange. Following the reverse stock split — which is set to take effect at the start of trading tomorrow — every 12 ordinary shares of Rosetta will be consolidated into one share. Immediately after the reverse stock split, Rosetta will have approximately 1.9 million shares issued and outstanding.
During midday trading, Rosetta's stock was down nearly 4 percent to $.43.