Rennova Health said it is initiating a 1-for-30 reverse stock split, set to go into effect Feb. 22.
The split from the West Palm Beach, Fla.-based company will put 1 single share of stock in the hands of shareholders for every 30 shares they currently own. Any fractional shares will be rounded up to the next highest whole share, the company said.
Rennova Health said that the company’s stock will be open for trading on a post-split basis as of Feb. 23, according to a press release. The move is intended to increase per share trading as the company seeks to satisfy the $1.00 minimum bid price for the NASDAQ.
The company will be reducing its outstanding stock from approximately 152 million to 5.1 million post-split, according to a press release. The move was approved by the company’s board of directors yesterday.
The reverse stock split was approved by the directors of the Company on February 7, 2017, pursuant to a resolution adopted by the stockholders of the Company at the annual meeting of stockholders held on December 22, 2016.