BioAffinity Technologies announces 1-for-30 reverse split

BioAffinity Technologies (BIAF) announced that it will effect a 1-for-30 reverse split of its common stock. Commencing with the opening of trading on the Nasdaq Capital Market on September 19, the company’s common stock will trade on a post-split basis under the symbol BIAF. The reverse stock split was approved by the company’s stockholders at the company’s annual meeting held on July 25. As a result of the reverse stock split, the CUSIP number for the company’s common stock will now be 09076W307. As a result of the reverse stock split, every 30 shares of issued and outstanding common stock will be exchanged for one share of common stock. Any stockholders who would have otherwise received fractional shares will receive cash in lieu of such fractional shares. Immediately after the reverse stock split becomes effective, the company will have approximately 1,338,029 shares of common stock issued and outstanding. The reverse stock split is primarily intended to bring the company into compliance with Nasdaq’s minimum bid price requirement.