InVivo Therapeutics (OTC:NVIV) today said it’s readying a 1-for-4 reverse stock split in preparation for its planned listing on the NASDAQ exchange.
Cambridge, Mass.-based InVivo, which is developing a regenerative treatment for spinal cord injuries, said it expects the split and trading on NASDAQ to begin April 8.
"The execution of this reverse split represents an important step in achieving an essential corporate objective – uplisting to a national securities exchange," chairman & CEO Mark Perrin said in prepared remarks. "Becoming NASDAQ-listed allows companies to attract a broader range of institutional investors and to increase share liquidity. I, together with the rest of the board, am pleased to be moving forward towards such an important goal in our corporate evolution. This important step in changing our capitalization is yet another key element in our transformation."
When the split goes into effect, every 4 shares of NVIV stock will be converted into 1 new share, with any fractional shares rounded up to the nearest whole share, the company said.
InVivo said it needs to do the reverse split to meet the exchange’s minimum listing requirements, including a minimum closing price of $3 per share for at least 5 trading days.
NVIV shares were trading at $2.84 apiece in mid-day activity today, down 4.7%.
