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Applied DNA Sciences, Inc. (NASDAQ:APDN) (Applied DNA or the Company), a leader in PCR-based DNA technologies, today announced that it will effect a 1-for-20 stock split of its common stock, to be effective as of 12:01 a.m. Eastern Time on Thursday, April 25, 2024. Applied DNA common stock will begin trading on a split-adjusted basis commencing upon market open on Thursday, April 25, 2024.
Following the reverse stock split, the Company's common stock will continue to trade on the Nasdaq Capital Market under the symbol "APDN" with the new CUSIP number, 03815U409. The CUSIP number for the Company's publicly traded warrants will not change.
At the effective time of the reverse stock split, every 20 shares of Applied DNA issued and outstanding common stock will be automatically converted into one issued and outstanding share of common stock without any change in the par value of $0.001 per share. The reverse stock split will reduce the number of issued and outstanding shares of the Company's common stock from approximately 17.26 million shares to approximately 863,000 shares.
The total authorized number of shares will not be reduced. Proportional adjustments will be made to the number of shares of common stock issuable upon exercise or vesting of the Company's outstanding stock options, restricted stock units, and warrants, as well as the applicable exercise or conversion prices, and to the number of shares issuable under the Company's equity incentive plans and other existing agreements. No fractional shares will be issued in connection with the reverse stock split, and fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share.
Posted In: APDN
