Biocept Inc (NASDAQ:BIOC) told investors Thursday that corporate governance firms Institutional Shareholder Services (ISS) and Glass Lewis & Co have both recommended that stockholders vote in favor of the company’s proposed reverse stock split.
The reverse split would reduce Biocept's total number of shares at a ratio between 1:5 and 1:30, propelling its share price above the $1 minimum closing price requirement for continued listing on the Nasdaq.
Voting will be open through the conclusion of the company’s virtual annual meeting of stockholders, which will reconvene at 1:30 PT on July 31. Stockholders can register to attend here, and the deadline to do so is 5 pm Et on July 29.
READ: Biocept wins patent in Canada to further protect Target Selector liquid biopsy test technology
The company said it has until December 7 to satisfy the requirement or it will be subject to delisting. Biocept’s board of directors has also recommended stockholders vote to approve the proposal.
Shares of Biocept traded at $0.70 Thursday morning.
ISS and Glass Lewis are independent proxy advisory firms that offer voting recommendations to pension funds, investment managers, mutual funds and other institutional shareholders.
Biocept is developing Target Selector technology, which detects and isolates cancer biomarkers such as circulating tumor cells and cell-free circulating tumor DNA. The San Diego company offers the tests commercially to doctors, hospitals, clinics and researchers, with a focus on lung, breast, gastric, colorectal and prostate cancers — which represent 45% of all metastatic cancers — as well as melanoma.
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