Shares of Common Stock and Certain Warrants Will Begin Trading on a
Split-Adjusted Basis on December 2, 2015
BOSTON--(BUSINESS WIRE)--
NeuroMetrix, Inc. (NASDAQ:NURO) today announced a one-for-four reverse
split of its common stock effective as of Tuesday, December 1, 2015. 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 four shares of the Company's
common stock issued and outstanding prior to the opening of trading on
December 2, 2015 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
Wednesday, December 2, 2015, under new CUSIP number 641255500. 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 Wednesday, December 2, 2015, under new CUSIP
number 641255153. 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 3,446,310 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 September 29, 2015.
About NeuroMetrix
NeuroMetrix is an innovative health-care company that develops wearable
medical technology and point-of-care tests that help patients and
physicians better manage chronic pain, nerve diseases, and sleep
disorders. 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 www.NeuroMetrix.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151201006243/en/
NeuroMetrix, Inc.
Thomas T. Higgins, 781-314-2761
SVP and
Chief Financial Officer
neurometrix.ir@neurometrix.com
Source: NeuroMetrix, Inc.
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