NEW YORK – Accelerate Diagnostics announced on Monday that it will execute a 1-for-10 reverse stock split of its outstanding shares of common stock.
The reverse stock split is part of the company's plan to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share to remain listed on the stock exchange, it said in a statement. The split reduces the firm's outstanding common shares from approximately 144 million to about 14 million.
Proportionate adjustments will be made to the number of shares of common stock underlying the firm's outstanding equity awards, warrants, and convertible notes, as well as the number of shares issuable under the company's equity incentive plans and other existing agreements, Accelerate said.
The split will become effective after the markets close on July 11, and the firm's common stock will begin trading on a post-split basis when the market opens on July 12.