ThermoGenesis Corp. (NSDQ:KOOL) will reverse-split its stock tomorrow.
The board of the Rancho Cordova, Calif.-based company approved the move in an attempt to boost its share price. ThermoGenesis faces being de-listed from the NASDAQ stock exchange unless it meets the market’s minimum $1-per-share requirement.
It’s the second time in two months ThermoGenesis’ board approved a reverse split. The company’s shares will continue to trade under the symbol “KOOL,” with a “D” added for 20 trading days to signify the reverse stock split has occurred, according to a press release.
The split applies to all shares of the company’s issued and outstanding common stock, stock options, restricted stock and the number of shares available for issuance under the company’s stock plans, according to the company.
ThermoGenesis makes devices that process and store adult stem cells. The company recently cut its workforce by 10 percent to lower expenses.