Skyline Medical said today that stockholders approved a set of proposals including a reverse stock split and doubling the number of authorized shares of common stock.
The reverse stock split will be not-less than 1 for 2 shares and not more than 1 for 25 shares. Minneapolis-based Skyline has not yet decided on the exact details of the reverse merger.
“We are pleased that stockholders have chosen to give management a vote of confidence in the future of Skyline Medical by voting FOR the proposals put forth to them. We believe Skyline Medical is now positioned to achieve the milestones we anticipate, including expanding sales of the Streamway system to U.S. federal agencies via our contemplated joint venture with Electronic On-Ramp, and the 9-point sales plan Peter Alex, our newly appointed vice president of sales & marketing, has put forth, as previously disclosed. We are looking forward to executing our business plan for the benefit of all our stakeholders. We also expect to discuss our plans for maintaining our listing on NASDAQ with the exchange as soon as possible,” interim CEO Dr. Carl Schwartz said in a press release.
The company voted to increase its number of common stock from 100 million to 200 million, and on a measure looking to “solicit additional proxies” should there not be sufficient votes to approve its 1st 2 proposals.
Skyline shares have surged again today, up 19.6% to close at 20¢.
In late August, Skyline Medical saw shares surge upwards nearly 30% after announcing a joint venture with Electronic On-Ramp, providing the company with access to bids on procurement contracts for up to $550 million or more in federal funds.
The companies expect the joint venture to be in operation by the end of the year, with 51% of the JV owned by EOR. The venture will bid on supplying medical products for mobile operating rooms and other uses. Financial details of the deal were not disclosed.