Biocept Announces One-for-Ten Reverse Stock Split

On September 4, 2020 Biocept, Inc. (Nasdaq: BIOC), a leading commercial provider of molecular technologies designed to provide physicians with clinically actionable information to improve patient outcomes, reported that, as a result of the Company’s one-for-ten reverse stock split which will become effective at 5:00 p.m. Eastern Time on September 4, 2020, the Company’s common stock will begin trading on a split-adjusted basis on The Nasdaq Capital Market ("Nasdaq") effective with the open of the market on Tuesday, September 8, 2020 (Press release, Biocept, SEP 4, 2020, View Source [SID1234564508]). Biocept’s common shares will continue to trade under the ticker symbol "BIOC."

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Authorization for the reverse stock split was approved by the Company’s stockholders at Biocept’s 2020 Annual Meeting of Stockholders. The objective of the reverse stock split is to increase the market price for the Company’s common stock to, among things, enable the Company to regain compliance with the $1.00 minimum bid price requirement under applicable Nasdaq Listing Rules.

As a result of the reverse stock split, each ten pre-split shares of common stock outstanding will automatically combine and convert to one issued and outstanding share of common stock without any action on the part of the stockholder. No fractional shares of common stock will be issued to any shareholders in connection with the reverse stock split. Holders of record will receive a cash payment in lieu of fractional shares.

Stockholders of record will receive information regarding their share ownership following the reverse stock split from the Company’s transfer agent, Continental Stock Transfer & Trust. Continental Stock Transfer & Trust can be reached at (212) 509-4000.

For additional information regarding the reverse stock split, please refer to Biocept’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 4, 2020.