NeuroMetrix Announces 1-For-8 Reverse Stock Split

Author: Benzinga Newsdesk | November 20, 2023 10:01am
NeuroMetrix, Inc. (NASDAQ:NURO) today announced that it will effect a one-for-eight reverse split of its common stock, effective at 5:00 pm on November 21, 2023 (the "Effective Time"). The shares underlying the Company's outstanding options will also be adjusted accordingly. The reverse stock split is intended to increase the per share trading price of the Company's common stock to satisfy the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market. As a result of the reverse stock split, every eight shares of the Company's common stock issued and outstanding at the Effective Time will be consolidated into one issued and outstanding share, with no change in the nominal par value per share of $0.0001. No fractional shares will be issued as a result of the reverse stock split. Shareholders who otherwise would be entitled to receive a fractional share in connection with the reverse stock split will receive a cash payment in lieu thereof at a price equal to that fractional share to which the shareholder would otherwise be entitled multiplied by the closing price of the common stock on the Nasdaq Capital Market, as adjusted for the reverse stock split, on November 21, 2023. The Company's number of authorized shares of common stock will remain at 25,000,000 shares. Trading of the Company's common stock on the Nasdaq Capital Market will continue, on a split-adjusted basis, with the opening of the markets on Wednesday, November 22, 2023, under the new CUSIP number 641255880 and the symbol "NURO". Immediately subsequent to the reverse stock split, there will be approximately 1,091,675 shares of the Company's common stock issued and outstanding.

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