Aclarion, Inc., a healthcare technology company focused on chronic low back pain diagnostics, has announced a significant financial restructuring through a 1-for-370 reverse stock split of its common stock, set to take effect on January 29, 2025. This strategic move is designed to comply with Nasdaq's continued listing standards by potentially increasing the company's per-share stock price above the required $1.00 minimum. The decision, approved by stockholders on December 31, 2024, and ratified by the Board of Directors, involves consolidating every 370 issued shares into a single share of common stock.
The company has taken the necessary legal steps by filing an amendment to its Certificate of Incorporation with the Delaware Secretary of State, effective January 28, 2025. This reverse stock split is a critical step for Aclarion to avoid delisting from the Nasdaq exchange, as it seeks to improve the bid price of its stock. Shareholders with brokerage accounts will see their holdings automatically adjusted to reflect the split, while those holding physical stock certificates will receive specific instructions from Vstock Transfer, the company's transfer agent.
The impact of the reverse stock split extends to all outstanding warrants, stock options, and restricted stock units, with adjustments to conversion and exercise prices to preserve their economic value. Post-split, Aclarion expects to reduce its outstanding common shares from approximately 185 million to around 500,000, without altering the authorized number of shares. Notably, no fractional shares will be issued; instead, stockholders with fewer than 370 shares will receive one whole share. The split will also introduce a new CUSIP number (655187300), with trading on a split-adjusted basis commencing on January 29, 2025.
For more information on Aclarion's financial strategies and corporate updates, visit https://www.aclarion.com. This move underscores the company's commitment to maintaining its Nasdaq listing and continuing its mission to innovate in the healthcare technology sector.
