Precipio effects 1-for-20 reverse stock split to regain Nasdaq compliance

Precipio, Inc.

Reverse split 1-for-20 effective Sept 21, 2023; split-adjusted trading starts Sept 22.
Shares outstanding reduced from ~27.6M to ~1.38M; authorized shares unchanged.
Purpose: meet Nasdaq minimum bid price of $1.00; CEO expects broader investor base.
No fractional shares issued; cash paid for fractional entitlements based on closing price.
CEO acknowledges negative sentiment but cites revenue growth and path to breakeven.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Precipio, Inc.: Filed Certificate of Amendment to effect a 1-for-20 reverse stock split of common stock (effective 2023-09-21).

Change: charter amendment
Effective: 2023-09-21

Exact text from the filing

On September 21, 2023, Precipio, Inc. (the “Company”) filed a Certificate of Amendment to its Third Amended and Restated Certificate of Incorporation (the “Certificate of Amendment”) with the Secretary of State of Delaware, pursuant to which the Company effected a 1-for-20 reverse stock split (the “Reverse Stock Split”) of its issued and outstanding common stock, par value $0.01 per share (the “Common Stock”).

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Precipio, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-102859

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