Bionano Genomics Announces Reverse Stock Split
August 04 2023 - 12:00PM
Bionano Genomics, Inc. (NASDAQ: BNGO) today announced that the
Company effected a reverse stock split of its issued and
outstanding common stock, at a ratio of 1-for-10. The effective
time of the reverse stock split will be 5 p.m.
ET on August 4, 2023. The Company’s common stock will
begin trading on a split-adjusted basis commencing upon market open
on August 7, 2023.
As previously disclosed, at the Company’s annual
meeting of stockholders held on June 14, 2023, the
Company’s stockholders voted to approve a proposal authorizing the
Board of Directors of the Company to amend the Company’s
certificate of incorporation to effect a reverse stock split of the
Company’s common stock. On August 1, 2023, the Board of Directors
approved a 1-for-10 reverse stock split.
As a result of the reverse split, each 10 shares
of the Company’s issued and outstanding common stock will be
automatically combined and converted into one issued and
outstanding share of common stock, par value $0.0001 per
share. The Company’s common stock will trade under a new CUSIP
number, 09075F 305, effective August 7, 2023, and remain
listed on the Nasdaq Capital Market under the symbol
“BNGO.” The reverse stock split reduces the number of shares of
common stock issuable upon the conversion of the Company’s
outstanding shares of preferred stock, if any, and the exercise or
vesting of its outstanding stock options, restricted stock units
and warrants in proportion to the ratio of the reverse stock split
and causes a proportionate increase in the conversion and exercise
prices of such preferred stock, stock options, restricted stock
units and warrants.
No fractional shares of common stock will be
issued as a result of the reverse stock split. Stockholders of
record who would otherwise be entitled to receive a fractional
share will receive a cash payment in lieu thereof. The reverse
stock split impacts all holders of the Company’s common stock
proportionally and will not impact any stockholder’s percentage
ownership of the Company common stock (except to the extent the
reverse stock split results in any stockholder owning only a
fractional share).
Bionano has chosen its transfer
agent, American Stock Transfer & Trust Company,
LLC (“AST”), to act as exchange agent for the reverse stock
split. Stockholders owning shares via a bank, broker or other
nominee will have their positions automatically adjusted to reflect
the reverse stock split and will not be required to take further
action in connection with the reverse stock split, subject to
brokers’ particular processes.
About Bionano
Bionano is a provider of genomic analysis
solutions that can help reveal answers to challenging genetic
questions. Our mission is to transform the way the world sees the
genome through optical genome mapping (OGM). Our OGM solutions
allow scientists and clinical researchers the ability to see and
discover structural variations in a way unmatched by traditional
cytogenetic techniques. Our products additionally include an
industry-leading, platform-agnostic software solution, which
integrates OGM, next-generation sequencing and microarray data in
one consolidated view, and nucleic acid extraction and purification
solutions using proprietary isotachophoresis (ITP) technology.
Our Lineagen, Inc., d/b/a Bionano Laboratories, business
provides diagnostic testing for patients with clinical
presentations consistent with autism spectrum disorder and other
neurodevelopmental disabilities. To learn
more, visit bionano.com and connect with us
on Twitter, LinkedIn, Instagram,
and YouTube.
Unless specifically noted otherwise, Bionano products are
provided for Research Use Only. Not for use in diagnostic
procedures.
Forward-Looking Statements of
Bionano
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as “expect,” “will” and similar
expressions (as well as other words or expressions referencing
future events, conditions or circumstances) convey uncertainty of
future events or outcomes and are intended to identify these
forward-looking statements. Forward-looking statements describe
future expectations, plans, results, or strategies, among other
things, and in this release include, but are not limited to,
statements regarding the expected timing and implementation of the
reverse split and the commencement of trading of Bionano’s
post-split common stock. Such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements. Such risks are included under the
caption “Risk Factors” in Bionano’s Annual Report on Form 10-K for
the year ended December 31, 2022 and Bionano’s other filings
subsequently made with the Securities and Exchange Commission. All
forward-looking statements contained in this press release speak
only as of the date on which they were made and are based on
management’s assumptions and estimates as of such date. Bionano
does not undertake any obligation to publicly update any
forward-looking statements, whether as a result of the receipt of
new information, the occurrence of future events or otherwise
except as required by law.
CONTACTS
Company Contact:Erik Holmlin,
CEOBionano Genomics, Inc.+1 (858) 888-7610eholmlin@bionano.com
Investor Relations:David
HolmesGilmartin Group+1 (858) 888-7625IR@bionano.com
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