Through the split, the Vancouver-based company will put a single share of its common stock into the hands of each shareholder for every 100 shares they currently possess.
The move will reduce the number of shares the company has on the market from approximately 1.9 billion to approximately 19 million, Neovasc said. The company is using Computershare Investor Services as its transfer agent for the split.
Neovasc said that its common shares will begin trading on the Toronto Stock Exchange and Nasdaq Capital Market on a post-consolidation basis on or around September 21, according to an SEC filing.
Last week, Neovasc said that it talked holders of its senior secured convertible notes, originally due May 17, 2019, into extending the maturity of those notes an additional year, now dated to May 17, 2020.
At DeviceTalks Boston, Tyler Shultz will give attendees an inside look at Theranos and how he was able to sound the alarm after he realized the company was falling apart. Shultz will take attendees behind the story that everyone is talking about: the rise and fall of Elizabeth Holmes and her diagnostic company, Theranos.
Join Shultz and 1,000+ medical device professionals at the 8th annual DeviceTalks Boston.