Biocept's newly split adjusted stock to begin trading on Nasdaq on September 8

Biocept Inc (NASDAQ:BIOC) announced that its common shares will begin trading on its new split-adjusted basis on the Nasdaq in New York at the opening bell on September 8.

It comes after the group’s one-for-ten (ten shares combined and converted into one) reverse stock split which became effective at 5pm EST on September 4 this year.

The stock will continue to trade under the ticker ‘BIOC’.

READ: Biocept says it has processed more than 20,000 COVID-19 specimens at its San Diego lab

The company’s stockholders approved the share split at Biocept’s 2020 annual meeting of stockholders. The aim was to increase the firm’s share price to, among things, enable it to regain compliance with the US$1.00 minimum bid price requirement for the Nasdaq listing rules.

Biocept is a diagnostics company with commercialized assays for lung, breast, gastric, colorectal and prostate cancers, and melanoma. It has recently added coronavirus (COVID-19) testing to support efforts to fight the pandemic.

On August 31, it told investors it had received more than 21,000 COVID-19 specimens and processed more than 20,000 to date using RT-PCR technology at its San Diego lab.

The company said it has distributed about 46,000 COVID-19 PCR specimen collection kits to-date and has around 34,000 additional collection kits assembled and available for immediate distribution.

The vast majority of COVID-19 test results were reported to healthcare providers within 48 hours of receipt of the specimen.

Biocept’s lab is a specialized, licensed molecular lab staff who have been trained in performing the COVID-19 testing.

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Story by ProactiveInvestors