InspireMD (NYSE:NSPR) said this week its stockholders approved a 1-for-50 reverse split of its stock, slated to take effect today.
The reverse split comes only 13 months after its last 1-for-35 reverse split, which the Israel-based company initiated last February.
Through the deal, each shareholder in the company will receive a single share of the company’s stock for every 50 they previously held, with any fractional shares rounded up to the nearest whole share, according to an SEC filing.
InspireMD said that along with the reverse split, a proportionate adjustment will be made to the per share exercise price and number of shares issuable when converting the company’s outstanding preferred stock, as well as the exercise of all outstanding stock options and warrants.
The company’s stock will begin trading on a split-adjusted basis on April 1, InspireMD said in an SEC filing.
Shares in InspireMD have risen 2% so far today, at 14¢ as of 12:08 p.m. EDT.
In January InspireMD said that it inked a deal with Torque Medical to distribute its CGuard Embolic Prevention System in South Africa.
