Shares of Common Stock and Certain Warrants Will Begin Trading on a
Split-Adjusted Basis on May 12, 2017
NeuroMetrix, Inc. (NASDAQ:NURO) today announced a one-for-eight reverse
split of its common stock effective as of Thursday, May 11, 2017. The
shares underlying the Company's outstanding options and warrants will
also be adjusted accordingly.
The reverse stock split is intended to increase the per share trading
price of the Company's common stock to satisfy the $1.00 minimum bid
price requirement for continued listing on the NASDAQ Capital Market. As
a result of the reverse stock split, every eight shares of the Company's
common stock issued and outstanding prior to the opening of trading on
May 12, 2017 will be consolidated into one issued and outstanding share,
with no change in the nominal par value per share of $0.0001. No
fractional shares will be issued as a result of the reverse stock split.
Shareholders who otherwise would be entitled to receive a fractional
share in connection with the reverse stock split will receive a cash
payment in lieu thereof.
Trading of the Company's common stock on the NASDAQ Capital Market will
continue, on a split-adjusted basis, with the opening of the markets on
Friday, May 12, 2017, under new CUSIP number 641255708. Trading of the
Company's listed warrants to purchase common stock on the NASDAQ Capital
Market will also continue, on a split-adjusted basis, with the opening
of the markets on Friday, May 12, 2017, under new CUSIP number
641255195. Shares of the Company's common stock and the Company's listed
warrants to purchase common stock will continue to trade under the
symbols "NURO" and "NUROW". Immediately subsequent to the reverse stock
split, there will be approximately 1,268,465 shares of the Company's
common shares issued and outstanding.
The Company has retained its transfer agent, American Stock Transfer &
Trust Company, LLC ("AST"), to act as its exchange agent for the reverse
split. AST will provide shareholders and holders of listed warrants of
record as of the effective date instructions for the exchange of their
certificates and/or warrants. Shareholders owning shares and/or warrants
via a broker or other nominee will have their positions automatically
adjusted to reflect the reverse stock split, subject to brokers'
particular processes, and will not be required to take any action in
connection with the reverse stock split.
For more information regarding the Company's reverse stock split, please
refer to the proxy statement filed by the Company with the Securities
and Exchange Commission on Schedule 14A on March 29, 2017.
NeuroMetrix is a commercial stage,
innovation driven healthcare company combining bioelectrical and digital
medicine to address chronic health conditions including chronic pain,
sleep disorders, and diabetes. The company's lead product is Quell®, an
over-the-counter wearable therapeutic device for chronic pain. Quell is
integrated into a digital health platform that helps patients optimize
their therapy and decrease the impact of chronic pain on their quality
of life. The company also markets DPNCheck®, a rapid
point-of-care test for diabetic neuropathy, which is the most common
long-term complication of Type 2 diabetes. The company maintains an
active research effort and has several pipeline programs. The company is
located in Waltham, Massachusetts and was founded as a spinoff from
the Harvard-MIT Division of Health Sciences and Technology in 1996. For
more information, please visit NeuroMetrix.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170511005810/en/
Thomas T. Higgins, 781-314-2761
Chief Financial Officer
Source: NeuroMetrix, Inc.
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