bioAffinity Technologies Announces 1-for-30 Reverse Stock Split

bioAffinity Technologies has announced a significant corporate action: a 1-for-30 reverse stock split. This decision, effective from October 23, 2023, aims to increase the per-share price of its common stock and maintain compliance with NASDAQ listing requirements.

The company, headquartered in San Antonio, Texas, specializes in developing innovative cancer diagnostics. The reverse stock split will reduce the number of outstanding shares, thus increasing the value of each share proportionately. For example, shareholders holding 30 shares will receive 1 share in return. This move is intended to enhance the company’s market perception and attract institutional investors.

According to an official statement from bioAffinity Technologies, the reverse split is necessary for the company to continue its listing on NASDAQ. The company has faced challenges in maintaining its stock price above the minimum requirement of $1.00. A higher stock price may also assist in improving liquidity and trading volume.

As part of the implementation process, bioAffinity Technologies will notify the U.S. Securities and Exchange Commission regarding the share consolidation. The company believes that this strategic decision will provide a stronger foundation for future growth and investment opportunities.

Investors have been closely monitoring the company’s performance, especially as bioAffinity continues to advance its proprietary technologies, which focus on early detection and diagnosis of cancer. The company is optimistic that this corporate restructuring will enhance shareholder value and improve their competitive position in the biotechnology sector.

With this reverse stock split, bioAffinity Technologies hopes to stabilize its share price and pave the way for future development and expansion in the medical field.