Through the split, every 8 shares of the company’s common stock will be consolidated into 1 issued and outstanding share with no change in the nominal par value. No fractional shares will be issued as a result of the reverse split, the company said.
Trading of the company’s stock will continue on a split-adjusted basis as of Friday, May 12, according to a press release. After the split, a total of approximately 1.3 million shares of the company will be issued and outstanding.
In January, NeuroMetrix closed a $7 million private placement round to support the commercialization of its Quell wearable pain relief device.
The Waltham, Mass.-based company said it sold 7,000 shares of Series E convertible preferred stock at $1,000 per share, as well as warrants to purchase an aggregate of approximately 10 million shares at 70¢ per share.