WaferGen Bio-Systems (WGBS) Announces One-for-Five Reverse Stock Split
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WaferGen Bio-systems, Inc. (Nasdaq: WGBS) announced that a 1-for-5 reverse stock split of its outstanding common stock will be effective at 4:01 p.m. Pacific Time on November 28, 2016. The reverse stock split is intended to increase the per share trading price of the Company's common stock to satisfy the $1.00 minimum bid price requirement for continued listing on the NASDAQ Capital Market.
The company's common stock will commence trading on a split-adjusted basis on the NASDAQ Capital Market when the market opens on November 29, 2016. The trading symbol for the common stock will remain "WGBS". The new CUSIP number for the Company's common stock following the reverse stock split is 93041P 506.
As a result of the reverse stock split, every five shares of issued WaferGen common stock will be combined into one issued and outstanding share of common stock without any change in the par value of the shares. In lieu of issuing fractional shares in connection with the reverse stock split, the company will round fractional shares up to the next whole share. Proportionate voting rights and other rights of common stockholders will not be affected by the reverse stock split.
The reverse stock split reduced the number of issued and outstanding shares of WaferGen common stock from approximately 18.9 million to approximately 3.8 million. The reverse stock split did not change the authorized number of shares of common stock or preferred stock of the company or the par value of the company's common stock or preferred stock, but it did result in a proportionate adjustment to the per share exercise price and the number of common shares issuable upon the exercise of outstanding warrants and stock options, the number of common shares issuable upon the exercise of outstanding preferred shares, and the number of shares of common stock eligible for issuance under the company's 2008 Stock Incentive Plan. Stockholders approved the reverse split at the company's 2016 annual meeting of stockholders, held on May 25, 2016.
Rolland Carlson, WaferGen's Chief Executive Officer, said, "We expect this reverse split will allow us to satisfy NASDAQ's minimum bid price requirement and to cure the previously announced potential delisting issue related to that issue."
Stockholders who hold their shares in brokerage accounts or "street name" will not be required to take any action to effect the exchange of their shares. Holders of share certificates will receive instructions from the company's transfer agent, Continental Stock Transfer & Trust Company, regarding the process for exchanging their shares. Continental Stock Transfer & Trust Company can be reached at (917) 262-2378.
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