NEW YORK (GenomeWeb News) – PositiveID said today its board has approved a 1-for-25 reverse stock split, commencing at the start of trading on April 23.
As a result of the reverse split, the number of PositiveID shares will be reduced to about 15 million shares. The company's ticker symbol will be PSIDD for about 20 trading days after the split to designate it is trading on a post-reverse split basis.
The company trades on the Over-The-Counter Bulletin Board.
PositiveID has focused on its molecular diagnostic technologies for biothreat detection and rapid medical testing during the past two years, and the Delray Beach, Fla.-based firm said that the reverse split "could enhance the appeal of its common stock to the financial community," including institutional investors, potential new strategic partners, and the general investing public