Bothell-based BioLife Solutions, Inc. announced today, Dec. 16, that it has applied to list its common stock on the NASDAQ Capital Market.
BioLife is a leading developer, manufacturer and marketer of proprietary clinical grade hypothermic storage and cryopreservation freeze media and precision thermal shipping products for cells and tissues.
“We are extremely pleased to announce these coordinated events as very positive developments we have planned to improve our balance sheet with the elimination of our debt, and to potentially list on the NASDAQ Capital Market,” said BioLife Solutions CEO Mike Rice. “If approved, we believe that the NASDAQ listing will create the conditions for BioLife Solutions to gain access to a broader institutional investment community, strengthen our financing flexibility, and provide greater liquidity for our shareholders.”
To support this listing, the company also announced that its stockholders have authorized the Board of Directors to amend the company’s certificate of incorporation to effect a reverse stock split. The authorization provides the board the discretion to effect a reverse stock split by a ratio of not less than one-for-four and not more than one-for-sixteen, while maintaining or reducing the number of authorized shares at any ratio. The proposed reverse stock split was approved by the holders of a majority of the company’s outstanding common stock by written consent in lieu of a special meeting. The company has filed a preliminary information statement with the Securities and Exchange Commission to provide notice to its stockholders of the reverse stock split authorization. The board has not yet determined whether to implement the reverse stock split or what ratio may be used.
In an effort to meet the minimum shareholder equity requirement for listing on the NASDAQ, BioLife’s two debt holders have agreed to convert the company’s entire secured debt of approximately $14 million in principal and accrued interest into equity in connection with the Company’s next equity financing.
