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Rosetta Genomics Proceeds on Reverse Stock Split to Satisfy Nasdaq Requirements

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Rosetta Genomics today announced a one-for-four reverse stock split, to be carried out in order to meet Nasdaq listing requirements.

The split was previously approved by the company's board and was approved by its shareholders today. Trading of Rosetta Genomics' shares on the Nasdaq Capital Market will continue on a split-adjusted basis starting on July 7 under the ticker symbol "ROSGD" for 20 days to designate that it is trading on a post-reverse split basis. Afterward, shares will resume trading under ticker symbol "ROSG."

Subsequent to the reverse stock split, there will be 7,556,023 ordinary shares issued and 7,507,180 ordinary shares outstanding.

Rosetta Genomics is taking the step in order to satisfy a Nasdaq listing requirement calling for a minimum $1 per share price in order to continue being listed on the Capital Market.

In December, the firm also was warned by Nasdaq about a potential delisting action because its stockholders equity had fallen below a minimum level of $2.5 million. In March, though, Rosetta Genomics said that as a result of a $6 million private placement, as well as the initial public offering by its Rosetta Green subsidiary, which raised $6.1 million in gross proceeds, it had regained compliance.

Last month, the microRNA-based molecular diagnostics firm, based in Rehovot, Israel, reported a 37 percent increase in first-quarter revenues to $37,000.

In early morning trading today, shares of the company's stock were down 16 percent to $.24