Roka Bioscience (ROKA) to Effect 1-for-10 Reverse Stock Split
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Roka Bioscience, Inc. (Nasdaq: ROKA) announced that it is effecting a 1-for-10 reverse stock split of its common stock. Beginning with the opening of trading on October 12, 2016, the Company's common stock will trade on a split-adjusted basis on the NASDAQ and will trade under a new CUSIP (775431208).
Pursuant to the authorization granted to the Company by stockholders at its 2016 annual meeting, the Company is executing a 1-for-10 reverse split to assist with regaining compliance with NASDAQ $1.00 minimum bid price requirement.
As a result of the reverse stock split, every ten shares of Roka's issued and outstanding common stock will be automatically converted into one issued and outstanding share of Roka common stock, with no change in par value per share or the authorized shares of the Company. This will reduce the number of outstanding shares of Roka common stock from approximately 17.8 million to approximately 1.8 million.
The reverse stock split affects all shares of the Company's common stock outstanding, and also proportionately reduces the number of shares of common stock underlying the Company's outstanding Series A Preferred Stock, warrants and equity awards. As a result, 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. Stockholders are not required to take any action.
No fractional shares will be issued in connection with the reverse stock split. Holders of fractional shares will be paid out in cash for the fractional portion with the Company's overall exposure for such payouts expected to be a nominal amount. American Stock Transfer and Trust Company, LLC ("AST"), Roka's transfer agent, will act as exchange agent for the reverse stock split and stockholders will receive instructions from AST as to procedures for exchange existing stock certificates for new certificates or book-entry shares and for the receipt of cash proceeds in lieu of fraction shares.
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