Intelligent Bio Solutions Inc. announced the completion of a 1-for-12 reverse stock split effective at 5:00 pm Eastern Time on January 26, 2024. The reverse stock split was approved by stockholders at the annual meeting on December 13, 2023, and the final ratio was determined by the Board of Directors. This action aims to increase the company's per share trading price to comply with Nasdaq's minimum share price listing requirements. As a result, the number of outstanding shares was reduced from approximately 17.93 million to approximately 1.49 million, while the number of authorized shares remains at 100 million. Proportionate adjustments were made to the per share exercise price and the number of shares issuable upon the exercise or vesting of outstanding stock options, restricted stock unit...Show More

Intelligent Bio Solutions Inc. announced the completion of a 1-for-12 reverse stock split effective at 5:00 pm Eastern Time on January 26, 2024. The reverse stock split was approved by stockholders at the annual meeting on December 13, 2023, and the final ratio was determined by the Board of Directors. This action aims to increase the company's per share trading price to comply with Nasdaq's minimum share price listing requirements. As a result, the number of outstanding shares was reduced from approximately 17.93 million to approximately 1.49 million, while the number of authorized shares remains at 100 million. Proportionate adjustments were made to the per share exercise price and the number of shares issuable upon the exercise or vesting of outstanding stock options, restricted stock unit awards, and warrants. The company's common stock began trading on a split-adjusted basis on January 29, 2024, under the same trading symbol 'INBS' and a new CUSIP number. No fractional shares were issued; stockholders who would have received a fractional share were rounded up to the nearest whole number. Intelligent Bio Solutions Inc. is a medical technology company focused on delivering rapid, non-invasive testing solutions, including a drug screening system through fingerprint sweat analysis.