GAITHERSBURG, Md., Jan. 17, 2018 (GLOBE NEWSWIRE) -- OpGen, Inc. (NASDAQ:OPGN) announced today that it will implement a 1-for-25 reverse stock split of its common stock. The Company filed an amendment to its Certificate of Incorporation to effect the reverse stock split on January 17, 2018.
The Company expects that the Company's common stock will trade on a split-adjusted basis under the symbol “OPGN” at the beginning of trading on January 19, 2018, and the warrants to purchase common stock issued as part of the Company’s initial public offering will trade on a split-adjusted basis under the symbol “OPGNW” at the beginning of trading on January 19, 2018. The new CUSIP number for the common stock following the reverse stock split will be 68373L208, and the new CUSIP number for the listed common stock warrants following the reverse split will be 68373L125.
The reverse stock split is intended to increase the market price per share of the Company's common stock to qualify it for continued listing on The Nasdaq Capital Market. The Company had previously announced that the Listing Qualifications Staff of the Nasdaq Capital Market had determined to delist the Company’s securities from Nasdaq, effective January 2, 2018, unless the Company timely requested a hearing before the Nasdaq Hearings Panel. On December 21, 2017, the Company submitted a request for a hearing before the Panel, which request stayed any suspension or delisting action by Nasdaq at least until the hearing process concludes and any extension granted by the Panel expires. An oral hearing has been scheduled for February 8, 2018.
The reverse stock split will reduce the number of shares of the Company's common stock currently outstanding from approximately 56.5 million shares to approximately 2.3 million shares. Proportionate adjustments will be made to the conversion and exercise prices of the Company's outstanding stock purchase warrants, stock options, restricted stock units and to the number of shares issued and issuable under the Company's equity incentive plans. Concurrent with the reverse stock split, there will be a reduction in the number of shares authorized for issuance by the Company from 200 million to 50 million.
About OpGen
OpGen, Inc. is harnessing the power of informatics and genomic analysis to provide complete solutions for patient, hospital and network-wide infection prevention and treatment.
