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.
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.