Neovasc (NSDQ:NVCN) said yesterday it will initiate a 1-for-100 reverse stock split on Friday as it looks to meet the Nasdaq stock market’s minimum bid price requirement.
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.
