NEW YORK (GenomeWeb) – WaferGen Biosystems said after the close of the market on Monday that it has effected a one-for-10 reverse stock split as it seeks to list its shares on the Nasdaq Capital Market.
The company's shares will start trading on a split adjusted basis on the OTCBB when the markets open on July 1. The shares will trade for 20 days under the temporary trading symbol "WGBSD." The "D" indicates that the reverse stock split has occurred.
As a result of the reverse stock split, the number of WaferGen's issued and outstanding shares will contract to about 930,000 shares from 9.3 million shares. Earlier this month, the Fremont, Calif.-based firm disclosed its intentions to move to the Nasdaq following a $40 million public offering of its common stock.