SAN DIEGO, June 21, 2024 (GLOBE NEWSWIRE) -- Singular Genomics Systems, Inc. (Nasdaq: OMIC), a company leveraging novel next-generation sequencing (NGS) and spatial multiomics technologies to empower researchers and clinicians, today announced that on June 26, 2024, effective at 12:01 a.m. Eastern Time, it will effectuate a 1-for-30 reverse split of its common stock. The Company's common stock will begin trading on a split-adjusted basis when the market opens on June 26, 2024 under its current trading symbol "OMIC". The CUSIP number of the Company's common stock following the reverse stock split will be 82933R 308.
The reverse stock split is intended to enable the Company to regain compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market. The reverse stock split was approved by the Company's stockholders at the Annual Meeting of Stockholders held on May 29, 2024, with the final ratio determined by the Company's Board of Directors.
The Company plans to file an amendment to its certificate of incorporation with the Secretary of State of Delaware on or around June 25, 2024. The reverse stock split will not reduce the number of authorized shares of the Company's common stock, which will remain at 400,000,000, and will not change the par value of its common stock, which will remain at $0.0001 per share.
The 1-for-30 reverse stock split will automatically convert 30 shares of the Company's common stock into one new share of common stock. No fractional shares will be issued in connection with the reverse stock split. Holders of common stock otherwise entitled to a fractional share because of the reverse stock split will automatically be entitled to receive an additional fraction of a share of common stock to round up to the next whole share. The reverse stock split will reduce the number of shares of outstanding common stock from approximately 74.7 million shares to approximately 2.5 million shares. The reverse stock split will not reduce the number of shares of the Company's Series A Preferred Stock outstanding, which will remain at 2,500 shares but will be subject to a proportional conversion ratio adjustment. Additionally, outstanding equity-based awards and other outstanding equity rights will be proportionately adjusted.
The Company's transfer agent, Continental Stock Transfer & Trust Company, will act as the exchange agent for the reverse stock split. Stockholders of record will receive information from Continental regarding their stock ownership following 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, with such adjustment subject to each bank, broker or other nominee's particular processes. Continental can be reached at (212) 509-4000 to answer any questions.
Additional information concerning the reverse stock split can be found in the Company's definitive proxy statement on Schedule 14A filed with the SEC on April 18, 2024 and in the Company's current report on Form 8-K filed with the SEC on May 30, 2024.
About Singular Genomics Systems, Inc.
Singular Genomics is a life science technology company that develops next-generation sequencing and multiomics technologies. The commercially available G4® Sequencing Platform is a powerful, highly versatile benchtop genomic sequencer designed to produce fast and accurate results. In addition, the company is currently developing the G4X Spatial Sequencer, which will leverage Singular's proprietary sequencing technology, applying it as an in situ readout for transcriptomics, proteomics and fluorescent H&E in tissue, with spatial context and on the same platform as the G4. Singular Genomics' mission is to empower researchers and clinicians to advance science and medicine. Visit www.singulargenomics.com for more information.
Forward-looking Statements
Certain statements contained in this press release, other than historical information, constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include, but are not limited to, statements concerning expectations regarding the completion and the effect of the reverse stock split including its impact on the Company's stock price and continued listing on the Nasdaq Capital Market. In some cases, forward-looking statements can be identified by terms such as "anticipates," "believes," "could," "estimates," "expects," "foresees," "forecasts," "guidance," "intends" "goals," "may," "might," "outlook," "plans," "potential," "predicts," "projects," "seeks," "should," "targets," "will," "would" or similar expressions and the negatives of those terms. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Further information on these and additional risks that could affect Singular Genomics' results is included in its filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and future reports that Singular Genomics may file with the SEC from time to time, which could cause actual results to vary from expectations. Any forward-looking statement made by Singular Genomics in this press release speaks only as of the day on which Singular Genomics makes it. Singular Genomics assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.
Investor Contact
Philip Trip Taylor
Gilmartin Group
ir@singulargenomics.com
Media Contact
Matt Browning
pr@singulargenomics.com
