ENDRA Life Sciences Announces Reverse Stock Split
ENDRA Life Sciences Inc. (NASDAQ: NDRA) has announced a 1-for-50 reverse stock split effective August 20, 2024. This move aims to increase the bid price of its common stock to regain compliance with Nasdaq's minimum bid price requirement. The split will reduce outstanding shares from approximately 72.4 million to 1.4 million, with authorized shares decreasing from 1 billion to 20 million. Trading will continue under the symbol 'NDRA' on a split-adjusted basis. Stockholders' fractional shares will be rounded up to the nearest whole share. The company's transfer agent, VStock Transfer, , will manage the process for stockholders of record, while those holding shares through brokers will have their positions adjusted automatically.
ENDRA Life Sciences Inc. (NASDAQ: NDRA) ha annunciato un raggruppamento di azioni in rapporto 1 a 50, efficace dal 20 agosto 2024. Questa mossa mira ad aumentare il prezzo di offerta delle azioni ordinarie per riottenere la conformità con i requisiti di prezzo minimo offerti da Nasdaq. Il raggruppamento ridurrà le azioni in circolazione da circa 72,4 milioni a 1,4 milioni, con le azioni autorizzate che diminuiranno da 1 miliardo a 20 milioni. Le contrattazioni continueranno sotto il simbolo 'NDRA' su base aggiustata per il raggruppamento. Le frazioni di azioni dei soci verranno arrotondate al numero intero più vicino. L'agente di trasferimento della società, VStock Transfer, gestirà il processo per gli azionisti registrati, mentre coloro che detengono azioni tramite broker vedranno le loro posizioni adeguate automaticamente.
ENDRA Life Sciences Inc. (NASDAQ: NDRA) ha anunciado una consolidación de acciones de 1 por 50, efectiva a partir del 20 de agosto de 2024. Esta medida tiene como objetivo aumentar el precio de oferta de sus acciones comunes para recuperar el cumplimiento con el requisito de precio mínimo de Nasdaq. La consolidación reducirá las acciones en circulación de aproximadamente 72.4 millones a 1.4 millones, con las acciones autorizadas disminuyendo de 1 mil millones a 20 millones. La negociación continuará bajo el símbolo 'NDRA' en una base ajustada por la consolidación. Las fracciones de acciones de los accionistas serán redondeadas a la acción entera más cercana. El agente de transferencia de la empresa, VStock Transfer, gestionará el proceso para los accionistas de registro, mientras que aquellos que tengan acciones a través de corredores tendrán sus posiciones ajustadas automáticamente.
ENDRA Life Sciences Inc. (NASDAQ: NDRA)는 2024년 8월 20일자로 1대 50의 주식 병합을 발표했습니다. 이 조치는 나스닥의 최소 주가 요건을 재충족하기 위해 보통주의 매도 가격을 높이는 것을 목표로 합니다. 주식 병합으로 발행된 주식 수는 약 7240만 주에서 140만 주로 줄어들며, 허가된 주식 수는 10억 주에서 2000만 주로 감소합니다. 거래는 'NDRA'라는 기호 하에 조정된 기준으로 계속될 것입니다. 주주들의 분할 주식은 가장 가까운 정수 주식으로 반올림됩니다. 회사의 전환 대리인인 VStock Transfer가 기록된 주주들을 위한 절차를 관리하며, 브로커를 통해 주식을 보유한 경우 자동으로 위치가 조정됩니다.
ENDRA Life Sciences Inc. (NASDAQ: NDRA) a annoncé un rajustement d'actions dans un ratio de 1 pour 50, effectif à partir du 20 août 2024. Cette décision vise à augmenter le prix de l'offre de ses actions ordinaires afin de retrouver la conformité avec l'exigence de prix minimum de Nasdaq. Le rajustement réduira le nombre d'actions en circulation d'environ 72,4 millions à 1,4 million, tandis que le nombre d'actions autorisées passera d'un milliard à 20 millions. Les transactions continueront sous le symbole 'NDRA' sur une base ajustée au rajustement. Les actions fractionnaires seront arrondies à l'action entière la plus proche pour les actionnaires. L'agent de transfert de la société, VStock Transfer, gérera le processus pour les actionnaires enregistrés, tandis que ceux détenant des actions via des courtiers verront leurs positions ajustées automatiquement.
ENDRA Life Sciences Inc. (NASDAQ: NDRA) hat eine Aktienzusammenlegung im Verhältnis 1 zu 50 angekündigt, die am 20. August 2024 in Kraft tritt. Diese Maßnahme zielt darauf ab, den Angebotspreis für die Stammaktien zu erhöhen, um die Einhaltung der Mindestangebotspreisanforderungen von Nasdaq wieder zu erlangen. Die Zusammenlegung wird die ausgegebenen Aktien von etwa 72,4 Millionen auf 1,4 Millionen reduzieren, während die genehmigten Aktien von 1 Milliarde auf 20 Millionen sinken. Der Handel wird weiterhin unter dem Symbol 'NDRA' auf einer splittierten Grundlage geführt. Die Bruchteile der Aktien der Aktionäre werden auf die nächstgelegene Ganze Aktie aufgerundet. Der Transferagent des Unternehmens, VStock Transfer, wird den Prozess für die registrierten Aktionäre verwalten, während diejenigen, die Aktien über Broker halten, automatisch ihre Positionen angepasst bekommen.
- Potential to regain compliance with Nasdaq's minimum bid price requirement
- Reduction in outstanding shares may increase stock value per share
- Significant reduction in total number of shares, potentially affecting liquidity
- Risk of not achieving desired increase in stock price despite the reverse split
ENDRA Life Sciences' 1-for-50 reverse stock split is a critical move to maintain Nasdaq listing compliance. This action will reduce outstanding shares from 72.4 million to 1.4 million, potentially boosting the stock price. However, it's important to note that this doesn't change the company's fundamental value or market capitalization.
The split may improve investor perception and make the stock more attractive to institutional investors who often have minimum share price requirements. Yet, it's a double-edged sword: while it might prevent delisting, it also signals financial struggles. Investors should closely monitor ENDRA's future financial performance and product development progress, particularly its TAEUS® technology, to gauge long-term viability.
The reverse split reflects broader challenges in the medical device sector, particularly for smaller, pre-revenue companies like ENDRA. The move to maintain Nasdaq listing is important for access to capital markets and investor confidence. However, it's a band-aid solution that doesn't address underlying issues.
Investors should watch for post-split trading patterns. Often, there's initial volatility followed by a gradual decline. The key will be ENDRA's ability to leverage this opportunity to strengthen its market position and advance its TAEUS® technology. The reduction in authorized shares from 1 billion to 20 million might limit future fundraising flexibility, a potential concern for a company in the capital-intensive medical device industry.
Shares Expected to Begin Trading on Split-Adjusted Basis on August 20, 2024
The Reverse Stock Split is intended to increase the bid price of the common stock to enable the Company to regain compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market. The Company’s stockholders authorized the reverse stock split at the Company’s annual meeting of stockholders held on August 6, 2024, with the final ratio subsequently determined by the Company’s Board of Directors.
As a result of the Reverse Stock Split, every 50 shares of the company’s pre-split common stock issued and outstanding will be automatically reclassified into one new share of the Company’s common stock. This will reduce the number of shares outstanding from approximately 72.4 million shares to approximately 1.4 million shares and the number of authorized shares of the Company’s common stock from 1,000,000,000 to 20,000,000. Stockholders who would otherwise be entitled to receive a fractional share will instead automatically have their fractional interests rounded up to the next whole share, after aggregating all the fractional interests of a holder resulting from the Reverse Stock Split. Proportionate adjustments will be made to the exercise prices and the number of shares underlying the Company’s equity plans, as applicable. The Reverse Stock Split will not affect the par value of the common stock.
The combination of, and reduction in, the issued shares of common stock as a result of the Reverse Stock Split will occur automatically at the effective time of the reverse stock split without any additional action on the part of the Company’s stockholders. The Company’s transfer agent, VStock Transfer, LLC, is acting as the exchange agent for the Reverse Stock Split and will send stockholders of record holding their shares electronically in book-entry form a transaction notice indicating the number of shares of common stock held after the Reverse Stock Split. Stockholders who hold their shares through a broker, bank, or other nominee will have their positions adjusted to reflect the reverse stock split, subject to their broker, bank, or other nominee’s particular processes, and are not expected to be required to take any action in connection with the Reverse Stock Split.
Additional information regarding the Reverse Stock Split can be found in the Company’s definitive proxy statement for the annual meeting of stockholders of the Company held on August 6, 2024, which was filed with the
About ENDRA Life Sciences Inc.
ENDRA Life Sciences is the pioneer of Thermo Acoustic Enhanced UltraSound (TAEUS®), a ground-breaking technology that characterizes tissue similar to an MRI, but at 1/40th the cost and at the point of patient care. TAEUS® is designed to work in concert with the more than 700,000 ultrasound systems in use globally today. TAEUS® is initially focused on the non-invasive assessment of fatty tissue in the liver. Steatotic liver disease (SLD, formerly known as NAFLD-NASH) is a chronic liver disease spectrum that affects over two billion people globally, and for which there are no practical diagnostic tools. Beyond the liver, ENDRA is exploring several other clinical applications of TAEUS®, including non-invasive visualization of tissue temperature during energy-based surgical procedures. For more information, please visit www.endrainc.com.
Forward-Looking Statements
All statements in this press release that are not based on historical fact are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of terms such as “approximate,” "anticipate," “attempt,” "believe," "could," "estimate," "expect," “forecast,” “future,” "goal," “hope,” "intend," "may," "plan," “possible,” “potential,” “project,” "seek," "should," "will," “would,” or other comparable terms (including the negative of any of the foregoing), although some forward-looking statements are expressed differently. Examples of forward-looking statements for ENDRA include, among others: expectations with respect to FDA requirements regarding its clinical trials and de novo submission for its TAEUS liver device; estimates of the timing of future events and anticipated results of its development efforts, including the timing of submission for and receipt of required regulatory approvals and product launches and sales; statements relating to future financial position and projected costs and revenue; expectations concerning ENDRA's business strategy; and statements regarding ENDRA’s ability to find and maintain development partners. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements as a result of various factors including, among others: the risk that Nasdaq may not process the reverse stock split on the expected timeline; the risk that after the reverse stock split the closing bid price of the Company’s common stock is not at least
View source version on businesswire.com: https://www.businesswire.com/news/home/20240816898273/en/
Company:
Richard Jacroux
Chief Financial Officer
investors@endrainc.com
www.endrainc.com
Investor Relations:
Yvonne Briggs
LHA Investor Relations
(310) 691-7100
ybriggs@lhai.com
Source: ENDRA Life Sciences Inc.
FAQ
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