BILLERICA, Mass., Aug. 30, 2023 (GLOBE NEWSWIRE) -- SeqLL Inc. (“SeqLL” or the “Company”) (Nasdaq: SQL, SQLLW), a technology company providing life sciences instrumentation and research services, today announced that it will conduct a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-40. The reverse stock split will become effective at 11:59 p.m. Eastern Time, on August 30, 2023. The Company's common stock will begin trading on a post-split basis at the market open on August 31, 2023, under the Company's existing trading symbol "SQL". The reverse stock split is part of the Company's plan to regain compliance with the Minimum Bid Price Requirement of $1.00 per share required to maintain continued listing on The Nasdaq Capital Market, among other benefits.

The reverse stock split was approved by the Company's stockholders at a Special Meeting of Stockholders held on August 21, 2023, to be effected in the Board's discretion within approved parameters. The final ratio was approved by the Company's Board on August 28, 2023.

The reverse stock split reduces the number of shares of the Company's issued and outstanding common stock from approximately 13,886,379 shares to approximately 347,160 shares, subject to adjustment due to fractional shares. As a result of the reverse stock split, proportionate adjustments will be made to the number of shares of the Company's common stock underlying the Company's outstanding equity awards and warrants and the number of shares issuable under the Company's equity incentive plans and other existing agreements, as well as the applicable exercise prices. The number of authorized shares of common stock will also be increased from 80,000,000 to 300,000,000 shares.

Information for SeqLL Stockholders

As a result of the reverse stock split, every 40 pre-split shares of common stock outstanding will become one share of common stock. The Company's transfer agent, Vstock Transfer, LLC, will serve as the exchange agent for the reverse stock split.

Registered stockholders holding pre-split shares of the Company's common stock electronically in book-entry form are not required to take any action to receive post-split shares. Those stockholders who hold their shares in brokerage accounts or in "street name" will have their positions automatically adjusted to reflect the reverse stock split, subject to each broker's particular processes, and will not be required to take any action in connection with the reverse stock split. Stockholders holding shares of the Company's common stock in certificate form will receive a transmittal letter from the Company with instructions as soon as practicable after the effective date.