CombiMatrix Announces 1-for-15 Reverse Split of Common Stock
January 27 2016 - 6:00AM
CombiMatrix Corporation (NASDAQ:CBMX), a molecular diagnostics
company specializing in DNA-based testing services for prenatal,
miscarriage analysis and postnatal developmental disorders and
pre-implantation genetic screening (PGS) services, today announced
stockholder approval of a reverse split of CombiMatrix Common Stock
at a special meeting of stockholders.
With stockholder approval, the CombiMatrix Board
of Directors has authorized a 1-for-15 reverse stock split of the
Company’s Common Stock. The Company expects that the reverse
stock split will become effective as of 5:00 p.m. Pacific time on
January 29, 2016 and expects that the reverse stock split will be
effective for trading purposes upon the commencement of trading on
February 1, 2016, at which point the Company’s Common Stock will
begin trading on a split adjusted basis on The Nasdaq Capital
Market. The Company also expects that its shares will
continue to trade under the symbol “CBMX” with a “D” included as a
suffix to the symbol for 20 trading days to signify that the
reverse split has occurred.
No fractional shares of Common Stock will be
issued in connection with the reverse stock split. A holder
of the old Common Stock who would have otherwise been entitled to a
fractional share of the new Common Stock will be entitled to
receive a cash payment for the fractional share interest.
Proportional adjustments will be made to the Company’s 2006 Stock
Incentive Plan reserve and to the Company’s outstanding stock
options, restricted stock unit awards, Series E Preferred Stock,
and warrants as well. Any fractional shares issuable pursuant
to stock options or restricted stock unit awards will be rounded
down to the nearest whole share and any fractional shares issuable
pursuant to warrants and Series E Preferred Stock will be rounded
up to the nearest whole share. After the effectiveness of the
reverse stock split, stockholders will receive information from
Computershare, the Company’s transfer agent, regarding the process
for exchanging their shares of Common Stock.
The CombiMatrix Board of Directors implemented
the reverse stock split with the objective of regaining compliance
with the minimum bid price listing maintenance requirements of The
Nasdaq Capital Market. The reverse split also will have the
effect of increasing the number of shares of Common Stock available
for issuance by the Company.
About CombiMatrix
Corporation
CombiMatrix Corporation provides valuable
molecular diagnostic solutions and comprehensive clinical support
to foster the highest quality in patient care. CombiMatrix
specializes in pre-implantation genetic screening, miscarriage
analysis, prenatal and pediatric diagnostics, offering DNA-based
testing for the detection of genetic abnormalities beyond what can
be identified through traditional methodologies. CombiMatrix
performs genetic testing utilizing a variety of advanced
cytogenomic techniques, including chromosomal microarray analysis,
standardized and customized fluorescence in situ hybridization
(FISH) and high-resolution karyotyping. CombiMatrix is dedicated to
providing high-level clinical support for healthcare professionals
in order to help them incorporate the results of complex genetic
testing into patient-centered medical decision making. Additional
information about CombiMatrix is available at www.combimatrix.com
or by calling (800) 710-0624.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995. These
statements are based upon our current expectations, speak only as
of the date hereof and are subject to change. All statements, other
than statements of historical fact included in this press release,
are forward-looking statements. Forward-looking statements can
often be identified by words such as “anticipates,” “expects,”
“intends,” “plans,” “goal,” “predicts,” “believes,” “seeks,”
“estimates,” “may,” “will,” “should,” “would,” “could,”
“potential,” “continue,” “ongoing,” similar expressions, and
variations or negatives of these words and include, but are not
limited to, statements regarding the expected timing of the reverse
stock split, projected results of operations and management’s
future business, operational and strategic plans, recruiting
efforts and test menu expansion. These forward-looking statements
are not guarantees of future results and are subject to risks,
uncertainties and assumptions that could cause our actual results
to differ materially and adversely from those expressed in any
forward-looking statement. The risks and uncertainties referred to
above include, but are not limited to: the timely implementation of
the reverse stock split by the Nasdaq Stock Market and DTC; our
ability to successfully expand the base of our customers, add to
the menu of our diagnostic tests, develop and introduce new tests
and related reports, expand and improve our current suite of
services, optimize the reimbursements received for our microarray
testing services, and increase operating margins by improving
overall productivity and expanding sales volumes; our ability to
successfully accelerate sales, steadily increase the size of our
customer rosters in all of our genetic testing markets; our ability
to attract and retain a qualified sales force in wider geographies;
our ability to ramp production from our sales; rapid technological
change in our markets; changes in demand for our future services;
legislative, regulatory and competitive developments; general
economic conditions; and various other factors. Further information
on potential factors that could affect our financial results is
included in our Annual Report on Form 10-K, Quarterly Reports of
Form 10-Q, and in other filings with the Securities and Exchange
Commission. We undertake no obligation to revise or update publicly
any forward-looking statements for any reason, except as required
by law.
Company Contact:
Mark McDonough
President & CEO, CombiMatrix Corporation
(949) 753-0624
Investor Contact:
LHA
Jody Cain
(310) 691-7100
jcain@lhai.com
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