Aclarion, Inc. has taken a significant step towards ensuring its compliance with Nasdaq's listing standards by announcing a 1-for-335 reverse stock split, set to take effect before the market opens on Thursday, January 30, 2025. This decision, ratified by stockholders on December 31, 2024, authorizes the Board of Directors to consolidate every 335 issued shares of common stock into a single share. The primary goal of this measure is to boost the company's stock price above the $1.00 threshold mandated by Nasdaq's Minimum Bid Price Rule, thereby securing its position on the exchange.
The reverse stock split will see the number of outstanding shares reduced from approximately 169.4 million to around 500,000, a move that Aclarion believes will not only help it meet Nasdaq's requirements but also enhance its market perception. This adjustment will uniformly apply to all outstanding warrants, stock options, and restricted stock units, with conversion and exercise prices being adjusted proportionally in line with the company's equity incentive plans.
For stockholders, the process will be seamless for those holding shares in brokerage accounts, as their holdings will be automatically adjusted. Those in possession of physical stock certificates will receive specific instructions from Vstock Transfer, Aclarion's transfer agent, on how to exchange their shares. Notably, the company has stated that no fractional shares will be issued; instead, stockholders with fewer than 335 shares will receive one whole share, effectively rounding up their holdings.
As part of this corporate action, Aclarion will be assigned a new CUSIP number (655187300) and is expected to commence trading on a split-adjusted basis on the designated date. This strategic financial restructuring highlights Aclarion's dedication to maintaining its Nasdaq listing and potentially improving the stock's appeal to investors. For more details on the reverse stock split, visit https://www.aclarion.com.
