Rosetta Contemplates Bankruptcy Filing May 31, 2018
PHILADELPHIA, PA and REHOVOT, ISRAEL / ACCESSWIRE / May 29, 2018 / Rosetta Genomics Ltd. (NASDAQ: ROSG; OTC PINK: ROSGF)(the "Company") announced today that the pending of merger of a subsidiary of Genoptix, Inc. with the Company has not occurred as scheduled and that Genoptix has refused to provide assurances that it intends to complete the transaction. Unless the transaction is completed by May 30, 2018, the Company intends to file for bankruptcy protection in Israel and the United States.
Genoptix has asserted the existence of a "Material Adverse Effect" affecting the Company and breaches of representations and warranties, which the Company disputes. The absence of a Material Adverse Effect since February 27, 2018, the date of the merger agreement, and continued accuracy of the Company's representations and warranties except as would not have a Material Adverse Effect are conditions to Genoptix’s obligations to complete the transaction.
SOURCE: Rosetta Genomics Ltd