Skyline Medical (OTC:SKLN) conducted a 1-for-75 reverse stock split earlier this week, reducing the number of outstanding shares to approximately 3 million, according to a regulatory filing.
Split-adjusted shares of Skyline are expected to begin trading Oct. 28 on the OTCQB market under its current symbol, SKLN. The ticker symbol will carry a ‘D’ at the end for 20 business days to alert the public to the split.
Skyline shareholders approved the split Dec. 31, 2013, according to the filing. SKLN shares closed up 2% at 13¢ apiece yesterday.
In February, Skyline said it raised $2.1 million from 16 unnamed investors.
The Eagan, Minn.-based medical device company, formerly known as BioDrain Medical, makes the Streamway surgical waste management device.