Integrity Applications, Inc. Implements Reverse Stock Split To Meet NASDAQ Initial Listing Requirements
Integrity Applications, Inc. (OTCQB: IGAP) has announced a 1-for-13 reverse stock split effective on August 13, 2021. This move, approved by stockholders in March 2020, aims to meet the $4.00 minimum price requirement for NASDAQ uplisting. The split will reduce outstanding shares from approximately 200.8 million to about 15.4 million, with no change to ownership percentages or voting power. The stock will trade as "IGAPD" initially, then revert to "IGAP" after 20 business days.
- Reverse stock split aims to meet NASDAQ uplisting requirements.
- Expected increase in corporate visibility and liquidity for investors.
- No assurance that the NASDAQ uplisting application will be approved.
- The reverse split may not guarantee long-term stock value improvement.
Wilmington, DE and Ashdod, Israel, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Integrity Applications, Inc. (www.integrity-app.com) (OTCQB: IGAP), innovator of GlucoTrack®, a non-invasive device for measuring glucose levels in people with Type 2 diabetes and prediabetes, announced today that it has implemented a 1-for-13 reverse split of its issued and outstanding shares of common stock, to be effective prior to the opening of the market on Friday, August 13, 2021.
The reverse stock split was previously approved by the Company’s stockholders at the Annual Meeting of Stockholders held on March 24, 2020. On July 28, 2021, the Company's Board of Directors approved the implementation of the reverse stock split and determined the appropriate reverse stock split to be a ratio of 1-for-13.
The reverse stock split is being implemented by the Company in connection with its application to uplist its common stock to the NASDAQ Capital Market (NASDAQ). The reverse stock split is an action intended to fulfill the stock price requirements for official listing on NASDAQ, which requires that the Company's common stock price be at
A Nasdaq uplisting is part of the Company’s overall capital market development strategy and is intended to help increase corporate visibility, provide investors with increased liquidity, and enhance shareholder value.
The stock will begin trading on a post-split basis under the symbol “IGAPD.” After 20 business days, the stock will return to trading under the symbol “IGAP.”
As a result of the split, every thirteen shares of issued and outstanding common stock will be exchanged for one share of common stock, par value
The Company does not intend to issue fractional shares in connection with the reverse stock split. In order to avoid fractional shares of common stock, the number of shares issued to each stockholder will be rounded up to the nearest whole number in the event a stockholder would be entitled to receive less than one share of common stock as a result of the split. The reverse stock split will reduce the number of shares of issued and outstanding common stock from 200,781,597 pre-split to approximately 15,444,738 post-split. Proportional adjustments will be made to any outstanding warrants or options.
Registered stockholders holding their shares of common stock in book-entry or through a bank, broker or other nominee form do not need to take any action in connection with the reverse stock split and will have their positions automatically adjusted to reflect the reverse stock split. For those stockholders holding physical stock certificates, the Company’s transfer agent, American Stock Transfer & Trust Company, will send instructions for exchanging those certificates for new certificates representing the post-split number of shares. Any shareholders with questions may reach American Stock Transfer & Trust Company at (877) 248-6417.
About GlucoTrack®
GlucoTrack® is a truly non-invasive monitoring device that rapidly measures and displays an individual’s glucose level in about a minute without finger pricking or any pain. GlucoTrack® features an ear clip with sensors that clips to the earlobe and measures the user’s glucose level using innovative and patented sensor technologies. The measured signals are analyzed using a proprietary algorithm and then a calculated glucose level is displayed on a small handheld device the size of a small mobile phone. The glucose results are stored in the device and used to estimate HbA1c level using a proprietary algorithm. The device can also display glucose values graphically, enabling the user to monitor glucose levels over time. GlucoTrack® has received approvals for CE Mark in Europe and from the Ministry of Food and Drug Safety in South Korea for type 2 diabetes and prediabetes.
About Integrity Applications, Inc.
Integrity Applications, Inc. (OTCQB: IGAP) was founded in 2001 and is focused on the design, development, and commercialization of non-invasive glucose monitoring technologies for people with type 2 diabetes and prediabetes. The Company has developed GlucoTrack®, a proprietary non-invasive glucose monitoring device designed to obtain glucose level measurements in about a minute without the pain, incremental cost, difficulty, or discomfort of conventional invasive finger stick devices. Integrity Applications Inc. is a Delaware corporation, with headquarters in the United States and an R&D site in Ashdod, Israel. For more information, please visit http://www.integrity-app.com/ and http://www.glucotrack.com.
Investor Contact: investors@integrity-app.com
Media Contact: media@integrity-app.com
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “expect”, “plan” and “will” are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect Integrity Applications’ actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect Integrity Applications’ results include, but are not limited to, the ability of Integrity Applications to raise additional capital to finance its operations (whether through public or private equity offerings, debt financings, strategic collaborations or otherwise); risks relating to the receipt (and timing) of regulatory approvals (including FDA approval); risks relating to enrollment of patients in, and the conduct of, clinical trials; risks relating to its current and future distribution agreements; risks relating to its ability to hire and retain qualified personnel, including sales and distribution personnel; and the additional risk factors described in Integrity Applications’ filings with the U.S. Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC on April 13, 2021.
FAQ
What is the significance of the reverse stock split for IGAP?
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