OpGen, Inc. (NASDAQ: OPGN) declared recently that it would apply a 1-for-25 overturn stock split of its ordinary stock. The Company filed an adjustment to its Certificate of Incorporation to the outcome the reverse stock split on January 17, of this year.
The Company anticipates that the Company’s ordinary stock will buy or sell on a split-adjusted source under the symbol “OPGN” at the starting of trading on January 19, of this year.
And the warrants to buy common stock issued as part of the Company’s 1st public offering will buy or sell on a split-adjusted basis under the symbol “OPGNW” at the starting of trading on January 19, of this year.
The new CUSIP number for the ordinary stock following the overturn stock split will be 68373L208, and the new CUSIP number for the listed common stock warrants following the overturn split will be 68373L125.
The overturn stock split is planned to boost the market price per share of the Company’s ordinary stock to qualify it for continued listing on The Nasdaq Capital Market.
The Company had formally declared that the Listing Qualifications Staff of the Nasdaq Capital Market had determined to delist the Company’s securities from Nasdaq, effective January 2, of this year, unless the Company well-timed requested a hearing ahead of the Nasdaq Hearings Panel (the “Panel”).
On December 21, 2K17, the Company presented a request for a hearing earlier than the Panel, which requests stayed any deferment or delisting act by Nasdaq at least until the hearing process concludes and any extension decided by the Panel expires. A spoken hearing has been planned for February 8, of this year.
The overturn stock split will decrease the number of shares of the Company’s ordinary stock presently outstanding from about 56.50M shares to about 2.30M shares.
Balanced adjustments will be made to the exchange and exercise prices of the Company’s outstanding stock buy warrants, stock options, limited stock units and to the number of shares issued and issuable under the Company’s justice incentive plans.
Parallel with the overturn stock split; there will be a decrease in the number of shares authorized for issuance by the Company from 200.00M to 50.00M.