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Quotient Limited Completes 1-For-40 Reverse Stock Split

NEW YORK – Quotient Limited said on Wednesday that a 1-for-40 reverse split of its ordinary shares became effective after the close of the market.

The firm's shares will begin trading on a split-adjusted basis when the market opens on Thursday. Every 40 shares of the firm's ordinary shares issued and outstanding were reclassified into one ordinary share, and the split didn't modify any rights or preferences of the shares, Quotient said in a statement. No fractional shares will be issued, and fractional shares held by shareholders will be aggregated into whole shares and sold on the open market at prevailing prices, it said. 

The stock split is intended to bring Quotient into compliance with the minimum bid price requirement for maintaining its listing on the Nasdaq Global Market, the company said.