Sontra Medical plans 1-for-10 reverse stock split

By Angela McDaniels

Seattle, July 27 - Sontra Medical Corp. will perform a 1-for-10 reverse split of its common stock in order to regain compliance with the Nasdaq Capital Market's $1 minimum bid price continued listing requirement, according to a company news release.

The company's stock closed at $0.20 on Thursday.

The reverse stock split will be effective on Aug. 11, when the stock will begin trading at the split-adjusted level under the symbol "SONTD." After a 20-day trading period, the stock will resume trading under its current symbol, "SONT."

The reverse split will reduce the total number of Sontra shares outstanding to 2,720,799 shares from 27,207,995, according to the release.

Shareholders who would be entitled to fractional shares will receive cash in lieu of fractional shares.

The exercise or conversion price, as well as the number of shares that can be issued, under the company's outstanding stock options, warrants and series A preferred stock will be proportionately adjusted to reflect the reverse stock split. The number of shares reserved for issuance under the company's equity compensation plans will also be reduced proportionately.

Franklin, Mass.-based Sontra Medical develops transdermal drug-delivery and diagnostics products.

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