IceCure Announces One-for-(8) Reverse Stock Split in Preparation for Nasdaq Listing
On August 9, 2021, IceCure Medical announced an 8-for-1 reverse stock split effective August 8, 2021, in preparation for its planned uplisting to the Nasdaq Capital Market. The reverse split reduces the number of outstanding shares from approximately 254.57 million to 31.82 million, while the number of authorized shares decreases from 20 billion to 2.5 billion. This action aims to meet Nasdaq's stock price requirements, although there is no assurance that the application will be approved. Shareholders previously approved the reverse split on July 27, 2021.
- Successfully implemented an 8-for-1 reverse stock split to prepare for Nasdaq uplisting.
- Reduced the number of outstanding shares significantly, increasing potential stock price and meeting listing requirements.
- No guarantee that the Nasdaq uplisting application will be approved.
- The reverse split may not fundamentally improve the company's market perception.
CAESAREA, Israel, Aug. 9, 2021 /PRNewswire/ -- IceCure Medical Ltd. (TASE: ICCM) ("IceCure" or the "Company"), developer of the next generation minimally invasive cryoablation technology that destroys tumors by freezing, yesterday announced that it has implemented an 8-for-1 reverse split of its ordinary shares effective prior to the opening of market trading on Sunday, August 8, 2021. Trading in the ordinary shares on a split-adjusted basis will continue on TASE under the symbol "ICCM", however, the security has been assigned with a new CUSIP number.
The Company implemented the reverse stock split in connection with its previously announced plan to uplist the Company's ordinary shares to the Nasdaq Capital Market. The reverse stock split is an action intended to meet the stock price requirement for official listing on NASDAQ. There can be no assurance that the Company will satisfy other applicable requirements for listing its ordinary shares on Nasdaq or that the Company's application to uplist its ordinary shares will be approved.
As a result of the reverse stock split, every eight (8) shares of the Company's issued and outstanding ordinary shares have been automatically combined into one (1) issued and outstanding ordinary shares. No fractional ordinary shares will be issued as a result of the reverse split as any fractional ordinary shares resulting from the reverse split will be rounded up to the nearest whole share on a per shareholder basis. The reverse split does not impact any shareholder's percentage ownership of the Company or voting power, except for minimal effects resulting from the treatment of fractional shares.
The reverse stock split has reduced the number of issued and outstanding ordinary shares from 254,574,913 pre-split to approximately 31,821,865 post-split. The number of authorized shares, has been reduced from 20,000,000,000 to 2,500,000,000 post-split. Proportional adjustments was made to any outstanding options, in accordance with the terms of the options.
The Company previously disclosed that, on July 27, 2021, shareholders of a majority of its outstanding shares had approved the potential reverse stock split.
About IceCure Medical
Founded in 2006, Israel-based IceCure Medical (TASE: ICCM), develops and markets an advanced liquid-nitrogen-based cryoablation therapy for the treatment of tumors (benign and cancerous) by freezing, with the primary focus areas being breast, kidney, bone and lung cancer. Its minimally-invasive technology is a safe and effective alternative to hospital surgical tumor removal that is easily performed in a relatively short procedure. The system is marketed and sold worldwide, after receiving FDA and CE approvals. To learn more, please visit: www.icecure-medical.com.
Communication Contact:
Tlalit Bussi Tel Tzure
VP BD & Marketing
IceCure Medical Ltd
972.54.565.0737
tlalitb@icecure-medical.com
IR Contact:
Jeremy Feffer
T: 212.915.2568 | M: 917.749.1494
jeremy@lifesciadvisors.com
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SOURCE IceCure Medical
FAQ
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