TUCSON,
Ariz., July 10, 2023 /PRNewswire/ -- Accelerate
Diagnostics, Inc., (NASDAQ: AXDX) (the "Company") a leading
provider of innovative rapid diagnostic solutions, announced that
it will conduct a reverse stock split of its outstanding shares of
common stock at a ratio of 1-for-10. The reverse stock split will
become effective at 5:00 p.m. Eastern
Time, on July 11, 2023. The
Company's common stock will begin trading on a post-split basis at
the market open on July 12, 2023,
under the Company's existing trading symbol "AXDX". The reverse
stock split is part of the Company's plan to regain compliance with
the Minimum Bid Price Requirement of $1.00 per share required to maintain continued
listing on The Nasdaq Capital Market, among other benefits.
The reverse stock split was approved by the Company's
stockholders at the Company's Annual Meeting of Stockholders held
on May 19, 2023 to be effected in the
Board's discretion within approved parameters. The final ratio was
approved by the Company's Board on July 7,
2023.
The reverse stock split reduces the number of shares of the
Company's outstanding common stock from approximately 144 million
shares to approximately 14 million shares, subject to adjustment
due to the payment of cash in lieu of fractional shares. As a
result of the Reverse Stock Split, proportionate adjustments will
be made to the number of shares of the Company's common stock
underlying the Company's outstanding equity awards, warrants and
convertible notes and the number of shares issuable under the
Company's equity incentive plans and other existing agreements, as
well as the exercise or conversion price, as applicable. There will
be no change to the number of authorized shares or the par value
per share.
Information for AXDX Stockholders
As a result of the reverse stock split, every ten pre-split
shares of common stock outstanding will become one share of common
stock. The Company's transfer agent, Broadridge Financial
Solutions, Inc., will serve as the exchange agent for the reverse
stock split.
Registered stockholders holding pre-split shares of the
Company's common stock electronically in book-entry form are not
required to take any action to receive post-split shares. Those
stockholders who hold their shares in brokerage accounts or in
"street name" will have their positions automatically adjusted to
reflect the reverse stock split, subject to each broker's
particular processes, and will not be required to take any action
in connection with the reverse stock split. Stockholders holding
shares of the Company's common stock in certificate form will
receive a transmittal letter from Broadridge with instructions as
soon as practicable after the effective date.
No fractional shares will be issued in connection with the
reverse stock split. Stockholders who otherwise would be entitled
to receive fractional shares will receive a cash payment in lieu of
such fractional shares.
About Accelerate Diagnostics, Inc.
Accelerate Diagnostics, Inc. is an in
vitro diagnostics company dedicated to providing solutions
for the global challenges of antibiotic resistance and sepsis. The
Accelerate Pheno® system and Accelerate
PhenoTest® BC kit combine several technologies aimed at
reducing the time clinicians must wait to determine the most
optimal antibiotic therapy for deadly infections. The FDA cleared
system and kit fully automate the sample preparation steps to
report phenotypic antibiotic susceptibility results in
approximately 7 hours direct from positive blood cultures. Recent
external studies indicate the solution offers results 1-2 days
faster than existing methods, enabling clinicians to optimize
antibiotic selection and dosage specific to the individual patient
days earlier.
"Accelerate Diagnostics" and diamond shaped logos and marks are
registered trademarks of Accelerate Diagnostics, Inc.
For more information about the company, its products and
technology, or recent publications, visit axdx.com.
Forward-Looking Statements
Certain of the statements made in this press release are
"forward-looking" or may have "forward-looking" implications within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, related to our future stock price, the effect of the
reverse stock split on stockholders and compliance with listing
standards. Actual results or developments may differ materially
from those projected or implied in these forward-looking
statements. Information about the risks and uncertainties faced by
Accelerate Diagnostics is contained in the section captioned "Risk
Factors" in the company's most recent Annual Report on Form 10-K,
filed with the Securities and Exchange Commission on March 31, 2023, and in other reports that the
company files with the Securities and Exchange Commission. In
addition, the company's forward-looking statements could be
affected by general industry and market conditions and regulatory
approvals. You are cautioned not to place undue reliance on these
forward-looking statements, which are made only as of the date of
this press release. Except as required by federal securities laws,
the company undertakes no obligation to update or revise these
forward-looking statements to reflect new events, uncertainties or
other contingencies.
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SOURCE Accelerate Diagnostics, Inc.