Pressure BioSciences, Inc. Announces One-for-Thirty Reverse Stock Split
Shares of Common Stock Will Begin Trading on a Split-Adjusted Basis on Monday, June 5, 2017
SOUTH EASTON, MA -- (Marketwired) -- 06/02/17 -- Pressure BioSciences, Inc. (OTCQB: PBIO) ("PBI" or the "Company") today announced a one-for-thirty reverse split of its common stock effective as of Monday, June 5, 2017. The shares underlying the Company's outstanding convertible securities will also be adjusted accordingly.
The reverse stock split is intended to increase the per share trading price of the Company's common stock to satisfy the $4.00 minimum bid price requirement for initial listing on the NASDAQ Capital Market. As a result of the reverse stock split, every thirty shares of the Company's common stock issued and outstanding prior to the opening of trading on June 5, 2017 will be consolidated into one issued and outstanding share, with no change in the nominal par value per share of $0.01. No fractional shares will be issued as a result of the reverse stock split. Shareholders who otherwise would be entitled to receive a fractional share in connection with the reverse stock split will receive an additional fraction of a share of common stock to round up to the next whole share.
Trading of the Company's common stock on the OTCQB will continue, on a split-adjusted basis, with the opening of the markets on Monday, June 5, 2017, under new CUSIP number 74112E208. Shares of the Company's common stock will continue to trade under the symbol "PBIO". Immediately subsequent to the reverse stock split, there will be approximately 1,055,232 shares of the Company's common stock issued and outstanding.
The Company has retained its transfer agent, Computershare Trust Company, N.A. ("Computershare"), to act as its exchange agent for the reverse stock split. Computershare will provide shareholders of record as of the effective date instructions for the exchange of their certificates. Shareholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers' particular processes, and will not be required to take any action in connection with the reverse stock split.
For more information regarding the Company's reverse stock split, please refer to the proxy statement filed by the Company with the Securities and Exchange Commission on Schedule 14A on November 15, 2016.
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. ("PBI") (OTCQB: PBIO) develops, markets, and sells proprietary laboratory instrumentation and associated consumables to the estimated $6 billion life sciences sample preparation market. Our products are based on the unique properties of both constant (i.e., static) and alternating (i.e., pressure cycling technology, or PCT) hydrostatic pressure. PCT is a patented enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels to safely and reproducibly control bio-molecular interactions. To date, we have installed over 250 PCT systems in approximately 160 sites worldwide. There are over 100 publications citing the advantages of the PCT platform over competitive methods, many from key opinion leaders. Our primary development and sales efforts are in the biomarker discovery, drug discovery and design, and forensics areas. Customers also use our products in other areas, such as bio-therapeutics characterization, soil & plant biology, vaccine development, and counter-bioterror applications.
For more information about PBI and this press release, please click on the following website link:
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Richard T. Schumacher
President & CEO
(508) 230-1828 (T)
Jeffrey N. Peterson
Chairman of the Board
(650) 812-8121 (T)
Source: Pressure BioSciences, Inc.
Released June 2, 2017