The company’s common stock will continue to trade under the same symbol on the NASDAQ market. SSH shares were trading at $8.40 apiece in afternoon activity, down -5%.
At the company’s stockholders meeting on January 9, the board of directors approved the company’s decision to effect a reverse stock split somewhere between 1-for-20 and 1-for-60.
In September last year, Sunshine Heart realigned its strategy to focus on its recently acquired Aquadex FlexFlow system, designed to filter water and salt from patients with fluid overload due to renal failure.
The strategy realignment for Sunshine Heart comes after it said in July last year that it would shift from counterpulsation to neuromodulation tech.
The Eden Prairie, Minn.-based company acquired the system from Baxter for $5 million in August this year. It also said it will pause clinical evaluations of its neuromodulation tech and reduce cash burn to $80,000 per month in the 4th quarter of 2016.
The company’s flagship product is C-pulse, a counterpulsation device that is designed to reduce the load on the left ventricle with a cuff around the aorta that beats in sync with the heart’s pulsation.