FREMONT, Calif., Nov. 28, 2016 /PRNewswire/ -- WaferGen
Bio-systems, Inc. (NASDAQ: WGBS), a publicly held genomics
technology company, announced today that a 1-for-5 reverse stock
split of its outstanding common stock will be effective at
4:01 p.m. Pacific Time on
November 28, 2016. The reverse
stock split is intended to increase the per share trading price of
the Company's common stock to satisfy the $1.00 minimum bid price requirement for continued
listing on the NASDAQ Capital Market.
The company's common stock will commence trading on a
split-adjusted basis on the NASDAQ Capital Market when the market
opens on November 29, 2016. The
trading symbol for the common stock will remain "WGBS". The
new CUSIP number for the Company's common stock following the
reverse stock split is 93041P 506.
As a result of the reverse stock split, every five shares of
issued WaferGen common stock will be combined into one issued and
outstanding share of common stock without any change in the par
value of the shares. In lieu of issuing fractional shares in
connection with the reverse stock split, the company will round
fractional shares up to the next whole share. Proportionate
voting rights and other rights of common stockholders will not be
affected by the reverse stock split.
The reverse stock split reduced the number of issued and
outstanding shares of WaferGen common stock from approximately 18.9
million to approximately 3.8 million. The reverse stock split
did not change the authorized number of shares of common stock or
preferred stock of the company or the par value of the company's
common stock or preferred stock, but it did result in a
proportionate adjustment to the per share exercise price and the
number of common shares issuable upon the exercise of outstanding
warrants and stock options, the number of common shares issuable
upon the exercise of outstanding preferred shares, and the number
of shares of common stock eligible for issuance under the company's
2008 Stock Incentive Plan. Stockholders approved the reverse
split at the company's 2016 annual meeting of stockholders, held on
May 25, 2016.
Rolland Carlson, WaferGen's Chief
Executive Officer, said, "We expect this reverse split will allow
us to satisfy NASDAQ's minimum bid price requirement and to cure
the previously announced potential delisting issue related to that
issue."
Stockholders who hold their shares in brokerage accounts or
"street name" will not be required to take any action to effect the
exchange of their shares. Holders of share certificates will
receive instructions from the company's transfer agent, Continental
Stock Transfer & Trust Company, regarding the process for
exchanging their shares. Continental Stock Transfer &
Trust Company can be reached at (917) 262-2378.
About WaferGen
WaferGen Bio-systems, Inc. is a
biotechnology company that offers innovative genomic technology
solutions for single-cell analysis and clinical research. The
ICELL8™ Single-Cell System is a first of its kind system that can
isolate thousands of single cells and processes specific cells for
analysis, including Next Generation Sequencing. The system has
demonstrated unbiased isolation of single cells from solid tumors,
brain cells, pulmonary airway cells, and multiple cell lines. The
SmartChip™ platform can be used for profiling and validating
molecular biomarkers, and can perform massively-parallel singleplex
PCR for one-step target enrichment and library preparation for
clinical NGS. The Apollo 324™ system can be used to process DNA and
RNA from clinical samples to next generation sequencing ready
libraries. These technologies offer a powerful set of tools for
biological analysis at the molecular and single-cell level in the
life sciences, pharmaceutical, and clinical laboratory
industries.
For additional information, please see
http://www.wafergen.com
Forward Looking Statements
This press
release contains forward-looking statements 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, that are
intended to be covered by the "safe harbor" created by those
sections. Forward-looking statements, which are based on
certain assumptions and describe our future plans, strategies and
expectations, can generally be identified by the use of
forward-looking terms such as "believe," "expect," "may," "will,"
"should," "could," "seek," "intend," "plan," "estimate,"
"anticipate" or other comparable terms. Forward-looking statements
in this press release may address, among other subjects, the
company's expected future stock price, the company's ability to
obtain and maintain compliance with NASDAQ listing requirements and
maintain the listing of the company's common stock on the NASDAQ
Capital Market, and the company's future performance.
Forward-looking statements involve inherent risks and uncertainties
which could cause actual results to differ materially from those in
the forward-looking statements, as a result of various factors
including those risks and uncertainties described in the Risk
Factors and in Management's Discussion and Analysis of Financial
Condition and Results of Operations sections of our most recently
filed Annual Report on Form 10-K and any subsequently filed
Quarterly Reports on Form 10-Q. We urge you to consider those
risks and uncertainties in evaluating our forward-looking
statements. We caution readers not to place undue reliance
upon any such forward-looking statements, which speak only as of
the date made. Except as otherwise required by the federal
securities laws, we disclaim any obligation or undertaking to
publicly release any updates or revisions to any forward-looking
statement contained herein (or elsewhere) to reflect any change in
our expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is
based.
INVESTOR CONTACT:
WaferGen Bio-systems, Inc.
Rollie Carlson
510-277-3417
Rollie.Carlson@wafergen.com
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SOURCE WaferGen Bio-systems, Inc.
