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HTG Molecular Completes 1-For-15 Reverse Stock Split

NEW YORK – HTG Molecular has completed a 1-for-15 reverse stock split of its outstanding common stock.

As a result of the split, effective with the open of the market on Monday, the firm's common stock is now trading on a split-adjusted basis.

Authorization for the reverse split was approved by the firm's stockholders at HTG's annual stockholder meeting in August, and subsequently approved by its board of directors last week. The number of authorized shares of common stock will be reduced to 26.7 million from 200 million.

The reverse stock split combined 15 pre-split shares of HTG's common stock outstanding into one share. The firm has not issued any fractional shares and is instead paying cash to stockholders with remaining fractional shares.  

In October 2019, Tucson, Arizona-based HTG received a notice of non-compliance Nasdaq indicating that it had failed to meet a listing requirement calling for a minimum closing bid of $1 per share.

HTG's stock was down about 2 percent at $4.19 in early-morning trading.