Intelligent Bio Solutions Inc. Announces Reverse Stock Split
25 Gennaio 2024 - 2:30PM
Intelligent Bio Solutions Inc. (Nasdaq: INBS) (“Intelligent
Bio Solutions” or the “Company”), a medical technology company
delivering intelligent, rapid, non-invasive testing solutions,
today announced that it will effect a 1-for-12 reverse split of its
common stock, that will become effective at 5:00 pm (Eastern
Time) on January 26, 2024. Trading of the Company's common stock on
The Nasdaq Capital Market (“Nasdaq”) will continue, on a
split-adjusted basis, with the opening of the markets
on January 29, 2024, under the trading symbol “INBS” and new
CUSIP number 36151G600.
The reverse stock split was approved by
Intelligent Bio Solutions’ stockholders at the annual meeting of
the Company’s stockholders held on December 13, 2023, with the
final ratio to be determined by the Company’s Board of Directors
within the ratio range authorized by shareholders. The reverse
stock split is primarily intended to increase the Company’s per
share trading price and bring the Company into compliance with
Nasdaq’s listing requirement regarding minimum share price.
As a result of the reverse stock split, every 12
shares of common stock issued and outstanding as of the effective
date will be automatically combined into one share of common stock.
In addition, a proportionate adjustment will be made to outstanding
equity-based awards and other equity rights, including warrants. No
fractional shares will be issued as a result of the reverse stock
split. Stockholders of record who would otherwise be entitled to
receive a fractional share will be entitled to the rounding up of
the fractional share to the nearest whole number. The par value of
the common stock will remain unchanged at $0.01 per share after the
reverse split, and the number of authorized shares of common stock
will remain at 100 million shares. Immediately after the reverse
stock split becomes effective, the Company will have approximately
1,494,223 shares of common stock issued and outstanding. The
reverse split affects all stockholders uniformly and will not alter
any stockholder’s percentage interest in the Company’s equity,
except to the extent that the reverse split results in some
stockholders owning a fractional share as described above.
About Intelligent Bio Solutions
Inc.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) is
a medical technology company delivering innovative, rapid,
non-invasive testing solutions. The Company believes that its
Intelligent Fingerprinting Drug Screening System will revolutionize
portable testing through fingerprint sweat analysis, which has the
potential for broader applications in additional fields. Designed
as a hygienic and cost-effective system, the test screens for
recent use of drugs commonly found in the workplace, including
opiates, cocaine, methamphetamine, and cannabis. With sample
collection in seconds and results in under ten minutes, this
technology would be a valuable tool for employers in
safety-critical industries. Additionally, the Company's biosensor
platform has the potential to test for up to 130 indications,
ranging from glucose to immunological conditions and communicable
diseases. The Company's current customer segments include
construction, manufacturing and engineering, transport and
logistics firms, drug treatment organizations, and coroners.
For more information,
visit: https://ibs.inc/
Forward-Looking Statements:
Some of the statements in this press release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934, and the Private Securities Litigation Reform Act of 1995,
which involve risks and uncertainties. Forward-looking statements
in this press release include, without limitation, Intelligent Bio
Solutions Inc.'s ability to successfully develop and commercialize
its drug and diagnostic tests, realize commercial benefit from its
partnerships and collaborations, and secure regulatory approvals.
Although Intelligent Bio Solutions Inc. believes that the
expectations reflected in such forward-looking statements are
reasonable as of the date made, expectations may prove to have been
materially different from the results expressed or implied by such
forward-looking statements. Intelligent Bio Solutions Inc. has
attempted to identify forward-looking statements by terminology,
including “believes,” “estimates,” “anticipates,” “expects,”
“plans,” “projects,” “intends,” “potential,” “may,” “could,”
“might,” “will,” “should,” “approximately” or other words that
convey uncertainty of future events or outcomes to identify these
forward-looking statements. These statements are only predictions
and involve known and unknown risks, uncertainties, and other
factors, included in Intelligent Bio Solutions' public filings
filed with the Securities and Exchange Commission. Any
forward-looking statements contained in this release speak only as
of its date. Intelligent Bio Solutions undertakes no obligation to
update any forward-looking statements contained in this release to
reflect events or circumstances occurring after its date or to
reflect the occurrence of unanticipated events.
Company Contact:
Intelligent Bio Solutions Inc. info@ibs.inc
LinkedIn | Twitter
Media Contact: Cheryl
Billson Comma Communications
cheryl.billson@commacomms.com
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