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Bluejay Diagnostics to Execute 1-for-8 Reverse Stock Split

NEW YORK – Bluejay Diagnostics announced Monday that its board of directors has approved a 1-for-8 reverse stock split of its common shares, effective June 20 before the market opens. 

As of June 20, every eight shares of common stock will be combined into one share with no change to the par value of $.0001 per share. The split will reduce the firm's outstanding common stock from approximately 4,511,756 shares to about 563,969 shares, Bluejay Diagnostics said in a statement. Its post-split stock will be open for trading on the Nasdaq Capital Market under the company's existing ticker symbol BJDX when the market opens on June 20. 

No fractional shares of common stock will be issued, and shareholders will receive a cash payment instead of the fractional shares they would otherwise be entitled to. 

Bluejay Diagnostics' existing transfer agent, Continental Stock Transfer & Trust, will act as its exchange agent for the reverse stock split. 

The Acton, Massachusetts-based company currently offers its rapid Symphony platform intended for near-patient testing for triage and monitoring of disease progression. Its first product candidate is an interleukin-6 test for sepsis triage that returns results in approximately 20 minutes. 

Earlier this year, the company closed a $3.5 million offering of stocks and warrants. The firm went public in 2021.