DELRAY BEACH, Fla., July 05, 2016 (GLOBE NEWSWIRE) -- PositiveID Corporation (OTCQB:PSID), a life sciences company focused on detection and diagnostics, announced today the Company will effect a reverse split of its common stock at a ratio of 1:50, commencing at the open of trading today, July 5, 2016.
The Company’s ticker symbol will be PSIDD for 20 trading days to designate that it is trading on a post-reverse split basis. PositiveID’s post-split common stock will trade under the new CUSIP Number 73740J407. As a result of the reverse stock split, each 50 pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of the respective holders, and the number of outstanding common shares will be reduced from approximately 840 million shares to approximately 17 million shares. The reverse stock split will also apply to common stock issuable upon the conversion of outstanding notes payable and convertible preferred stock, and upon the exercise of outstanding warrants and stock options.
The Company's transfer agent, VStock Transfer, LLC, will provide instructions to stockholders regarding the process for exchanging shares. No fractional shares will be issued as a result of the reverse stock split, and stockholders who otherwise would be entitled to a fractional share will receive, in lieu thereof, a cash payment which will equal the product obtained by multiplying (a) the fraction to which the stockholder would otherwise be entitled; by (b) the per share closing sales price of the Company’s common stock on the effective date of the reverse stock split.
“As we work to build our business and plan for the Company’s future, we believe effecting a reverse stock split was a necessary step for our long-term success,” said William J. Caragol, Chairman and CEO of PositiveID. “We are focused on pursuing the relevant strategic partners to build out our team and continue the development and testing of Firefly Dx, and having fewer shares outstanding may have an important impact on these efforts.”
About PositiveID Corporation
PositiveID Corporation is a life sciences tools and diagnostics company with an extensive patent portfolio. PositiveID develops biological detection and diagnostics systems, specializing in the development of microfluidic systems for the automated preparation of and performance of biological assays. PositiveID is also a leader in the specialty vehicle market, with a focus on mobile labs. For more information on PositiveID, please visit http://www.psidcorp.com, or connect with PositiveID on Twitter, Facebook orLinkedIn.
