Bionano Genomics Announces Adjournment of Special Meeting of Stockholders to September 29, 2020

Special Meeting of Stockholders Adjourned to Allow Additional Time to Secure Sufficient Votes “For” Authorized Shares Increase Proposal

SAN DIEGO, Aug. 31, 2020 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO) announced today that it has adjourned its Special Meeting of Stockholders held on August 31, 2020 to allow additional time to secure sufficient votes for its proposal to increase the number of its authorized shares. While approximately 75.6% of votes represented at the meeting were voted “For” the proposal, these votes represented only 47.5% of total shares outstanding as of the record date. Approval of the proposal requires the affirmative vote of a majority of total shares outstanding as of the record date.

The meeting will reconvene at 10 a.m. Pacific Time on September 29, 2020. Voting polls will remain open until 11:59 p.m. Eastern Time on September 28^th, 2020. During this time, stockholders may vote their shares or change a previously cast vote. Stockholders who have already voted do not need to vote again.

Erik Holmlin, PhD, CEO of Bionano commented, “We are extremely grateful to our stockholders who made their voices heard through the voting process. However, only approximately 62.7% of our shares were voted at the meeting, and we were short by approximately 3.4 million votes. We have adjourned the meeting to allow time for increased stockholder participation. In addition, stockholders as of the record date who have voted and wish to change their vote may do so.

“Increasing the number of authorized shares remains imperative. We have only approximately 11.2 million authorized shares available for issuance following the adoption of our inducement plan, adopted primarily to enable us to recruit new employees. We believe this number is insufficient, in particular to meet our needs for future financings and strategic transactions. Without the authorized shares increase, we will be unable to meaningfully utilize our at-the-market sales facility or capitalize on future opportunities to raise additional equity financing. While we continue to believe our current cash and cash equivalents are sufficient to fund our operations into the first quarter of 2021, we believe pursuing the authorized shares increase now represents a prudent and appropriate strategic practice utilized by many companies in our industry.