Certain investors have agreed to buy 375,000 shares of Interpaces common stock at $6.75 per share, and 255,000 prefunded warrants to purchase common stock at $6.74 per share.
Interpace hopes to keep its stock listed on the Nasdaq as a result of the reverse split.
A single institutional investor will purchase 2 million shares of Interpace's common stock and 1.6 million prefunded warrants to purchase its common stock.
The new agreement brings Interpace's total insurance coverage for its thyroid assays to approximately 200 million patients.
The company said in a filing with the US Securities and Exchange Commission that it is not in compliance with the exchange's minimum shareholders' equity requirement.
Contributing to the revenue increase was a rise in in test and collection volume for its thyroid cancer diagnostics.
The state has given its approval for the company to market its ThyGenX next-generation sequencing oncogene panel for indeterminate thyroid nodules.