WaferGen Bio-systems announces 1-for-5 reverse stock split
WaferGen Bio-systems 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. 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. 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.