The news comes after the Eden Prairie, Minn.-based company pulled the trigger on a 1-for-30 reverse stock split last month, a move that sent shares tumbling. Shares dropped approximately 38% since the split went into effect on Jan. 13.
In trading today, shares have seen an over 2% drop, at $5.44 as of 4:00 p.m. EST.
The company said it remains “subject to an extension through March 20, 2017 to evidence compliance with Nasdaq’s $2.5 million stockholders’ equity requirement,” according to a press release.
At the company’s stockholders meeting on January 9, the board of directors approved the company’s decision to effect a reverse stock split somewhere between 1-for-20 and 1-for-60.
In September last year, Sunshine Heart realigned its strategy to focus on its recently acquired Aquadex FlexFlow system, designed to filter water and salt from patients with fluid overload due to renal failure.
The strategy realignment for Sunshine Heart comes after it said in July last year that it would shift from counterpulsation to neuromodulation tech.