Wound Management Technologies (OTC:WNDM) said this week that its shareholders approved a 1-for-100 reverse split of its stock and a name change to Sanara MedTech.
The Fort Worth, Texas-based company said that through the split, each shareholder of the company will receive a single share of common stock for every 100 shares they previously held, with a cash payment provided for fractions of shares dependent upon market price of the stock the day before it becomes effective.
Wound Management Tech said that upon completion of the reverse stock split, the total authorized capital stock of the company will be reduced to 20 million shares while the number of preferred stock shares will be reduced to 2 million.
“The reverse stock split is intended to increase the per share trading price of the company’s shares to increase the appeal of our common stock to the financial community and investing public, as well as give us more flexibility with our listing status,” CFO Mike McNeil said in a press release.
The company also announced a name change to Sanara Medtech.
“Sanara comes from the Latin word ‘sana’ meaning ‘heal’ in English. The name reflects our commitment to provide an expanded portfolio of products for patients to benefit from reduced pain and faster healing outcomes,” CEO Mike Carmena said in a prepared statement.
Wound Management said that it expects both the name change and reverse split to take effect near the end of April or May of this year.
Last week, Wound Management Tech said that it closed a deal to acquire the remaining 50% stake in the Cellerate joint venture it launched last September with The Catalyst Group.