MedAvail Announces 1-For-50 Reverse Stock Split

Author: Happy Mohamed | July 31, 2023 12:31pm

MedAvail Holdings, Inc. (NASDAQ:MDVL) ("MedAvail" or the "Company"), an innovative pharmacy technology company, announced that it will conduct a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-50. The reverse stock split will become effective at 5:00 p.m. Eastern time, on July 31, 2023. The Company's common stock will begin trading on a post-split basis at the market open on August 1, 2023, under the Company's existing trading symbol "MDVL". The CUSIP number for the common stock following the reverse stock split will be 58406B 202. The reverse stock split is part of the Company's plan to regain compliance with the Minimum Bid Price Requirement of $1.00 per share for continued listing on The Nasdaq Capital Market.
 

The reverse stock split was approved by the Company's stockholders at the Annual Meeting of Stockholders held on June 14, 2023, which approval authorized the Company to effect the reverse stock split at the discretion of the Company's Board of Directors within certain parameters approved by stockholders. The Company's Board subsequently approved the final reverse split ratio of 50 to 1.

The reverse stock split reduces the number of shares of the Company's outstanding common stock from approximately 81 million shares to approximately 1.6 million shares, subject to adjustment due to the treatment of fractional shares. Proportionate adjustments will be made to the number of shares underlying, and the exercise prices of, the Company's outstanding warrants, stock options, restricted stock units and other equity awards, and to the number of shares of common stock issuable under the Company's equity incentive plans. There will be no change to the number of authorized shares of common stock or to the par value per share.

Posted In: MDVL