SAN DIEGO, June 2 /PRNewswire-FirstCall/ -- Sequenom, Inc. today announced that it has effected a 1-for-3 reverse stock split of all outstanding shares of its common stock. The reverse stock split was effective with respect to shareholders of record at 5:01 p.m., Eastern time, on June 1, 2006. Under the split, each three shares of common stock outstanding are automatically combined and converted into one share of common stock. No action is required on the part of stockholders. Fractional shares will not be issued and cash payments shall be made with respect to such fractional shares. For the next 20 trading days, Sequenom’s Nasdaq ticker symbol will be SQNMD. Upon expiration of the 20 trading day period, the ticker symbol will return to SQNM. Sequenom stockholders will be receiving an explanatory letter from the Company. This reverse stock split is part of the Company’s plan to regain compliance with Nasdaq National Market listing requirements. The Company’s continued listing on the Nasdaq National Market is contingent upon the Nasdaq Listing Qualifications Panel granting the Company’s request for continued listing.
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About Sequenom
Sequenom is committed to providing the best genetic analysis products that translate genomic science into superior solutions for non-invasive prenatal testing, biomedical research, molecular medicine and agricultural applications. The Company’s proprietary MassARRAY system is a high-performance DNA analysis platform that efficiently and precisely measures the amount of genetic target material and variations therein. The system is able to deliver reliable and specific data from complex biological samples and from genetic target material that is only available in trace amounts. The Company has exclusively licensed intellectual property rights for the development and commercialization of non-invasive prenatal genetic tests for use with the MassARRAY system and other platforms.
Sequenom(R) and MassARRAY(R) are trademarks of Sequenom, Inc.
Except for the historical information contained herein, the matters set forth in this press release regarding the Company’s plan to regain compliance with Nasdaq National Market Listing requirements and the 20 day trading period for the new ticker symbol, are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the risks and uncertainties associated with the Company’s share price, the Company’s stockholders’ equity, and review, if any, by Nasdaq Listing Qualifications staff, as well as other risks described from time to time in Sequenom’s SEC filings, including Sequenom’s most recent Annual Report on Form 10-K, most recent Quarterly Report on Form 10-Q, and its subsequent filings. These forward-looking statements are based on current information that is likely to change. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Sequenom undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release.
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CONTACT: Clarke Neumann, Investor Relations of Sequenom, Inc.,+1-858-202-9206, cneumann@sequenom.com
