As a result of the transaction, shareholders received one common share for every 400 shares they held. The split was held at market open yesterday.
Positron’s shares have trended steadily downward over the last year, from a 52-week closing high of $3.40 a share on May 2, 2014, to a closing low of 44¢ a share March 9. The stock closed at 51¢ a share yesterday.
For the next 20 trading days, the stock will trade under the symbol POSCD, rather than its usual symbol POSC, to alert investors to the split.
Based in Chicago, Positron has been focused on the cardiac imaging market, specifically products associated with positron emission tomography.
“The completion of this reverse stock split is an important step in Positron’s plans as we move forward with a reasonable and easily identifiable capitalization structure,” Positron CFO Corey Conn said in a press release. “With a significant reduction of debt combined with lower operational costs and a more traditional capitalization structure, we will be able to raise awareness and visibility to cardiac PET and healthcare investors alike.”
Last September, Positron Chairman and CEO Patrick Rooney abruptly resigned from the company. A few weeks later, Rooney and his brother, John, were accused by the SEC of engaging in a trading scam involving Positron stock.