NEW YORK – Cancer Genetics on Thursday announced a 1-for-30 reverse stock split of its outstanding common stock, effective at the start of trading on Friday.
In Thursday morning trading on the Nasdaq, the company's shares were down more than 10 percent at $.12.
The Rutherford, New Jersey-based provider of preclinical test systems said that the reverse stock split is intended to increase its stock price to satisfy the $1.00 minimum bid price requirement for continued listing on the Nasdaq.
The reverse stock split will reduce the number of shares of common stock issued and outstanding from about 63 million to about 2.1 million, Cancer Genetics said.
In April, Cancer Genetics announced that its fourth quarter revenues fell 9 percent year over year.
The firm had announced in January that it was looking to raise $3 million in a stock offering that it subsequently closed.
A month earlier, the company said it had cancelled a previously announced planned merger with Jerusalem-based NovellusDx.