JERSEY, Channel Islands, Oct. 31, 2022 (GLOBE NEWSWIRE) -- Quotient Limited (Nasdaq: QTNT) (the "Company"), a commercial-stage diagnostics company, today announced that it will effect a one-for-40 reverse stock split ("Reverse Stock Split") of its ordinary shares, nil par value ("Ordinary Shares") that will become effective on November 2, 2022 at 5:01 p.m. Eastern Time, after the close of trading on The Nasdaq Global Market ("Nasdaq"). The Company's Ordinary Shares are expected to begin trading on a split-adjusted basis when the market opens on November 3, 2022 on the Nasdaq under the existing symbol “QTNT.”

The Reverse Stock Split is primarily intended to bring the Company into compliance with the minimum bid price requirement for maintaining its listing on the Nasdaq. The new CUSIP number for the Ordinary Shares following the Reverse Stock Split will be G73268149.

On October 23, 2022, the Company's board of directors (the "Board") approved the Reverse Stock Split at a ratio of one-for-40, subject to approval by the Company's shareholders. At the Company's annual general meeting of shareholders on October 31, 2022 (the "AGM"), the Company's shareholders approved the proposal to authorize the Company, acting by its Board, to effect the Reverse Stock Split at the ratio determined by the Board.

The Reverse Stock Split will affect all issued and outstanding Ordinary Shares. All outstanding options, restricted stock awards, warrants, convertible notes and other securities entitling their holders to purchase or otherwise receive shares of Ordinary Shares will be adjusted as a result of the Reverse Stock Split, as required by the terms of each security. The number of shares available to be awarded under the Company's Fourth Amended and Restated 2014 Stock Incentive Plan, which was approved by shareholders at the AGM, will also be appropriately adjusted. No fractional shares will be issued in connection with the Reverse Stock Split. The Company's transfer agent will aggregate all fractional shares held by the Company's shareholders into whole shares and arrange for them to be sold on the open market at prevailing prices. In lieu of fractional shares, shareholders will receive a cash payment equal to their allocable share of the total proceeds of these sales. The Reverse Stock Split will affect all shareholders uniformly and will not alter any shareholder's percentage interest in the Company's equity (other than as a result of the payment of cash in lieu of fractional shares).

The Reverse Stock Split will reduce the number of shares of Ordinary Shares issued and outstanding from approximately 141’208’378 to approximately 3’530’209.