Biora Therapeutics announces 25-to-1 reverse stock split

Biora Therapeutics announced it will effect a reverse stock split of all outstanding shares of the company’s common stock at a ratio of 25 to 1. The company expects its common stock to begin trading on a split-adjusted basis on the Nasdaq Global Market as of the commencement of trading on January 3, 2023. The reverse stock split was approved by stockholders during the special meeting of stockholders on December 19, 2022 and by Biora’s Board of Directors. The reverse stock split is intended to enable the company to meet minimum Nasdaq listing price per share requirements. Biora’s common stock will continue to trade on the Nasdaq Global Market under the symbol "BIOR" following the reverse stock split. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. No fractional shares will be issued in connection with the reverse stock split and stockholders who would otherwise be entitled to a fractional share will receive a proportional cash payment. After the reverse stock split, the number of authorized shares of common stock will be reduced from 350M to 164M.