Aclarion Announces 1-For-16 Reverse Stock Split, Effective Before Market Open On Thursday January 4, 2024
Portfolio Pulse from Benzinga Newsdesk
Aclarion, Inc. (NASDAQ: ACON) has announced a 1-for-16 reverse stock split effective before market open on January 4, 2024. The move aims to comply with Nasdaq's Minimum Bid Price Rule by increasing the per share price above $1.00. Stockholders approved the amendment on March 24, 2023, and the Delaware Secretary of State recorded the change on January 3, 2024. The reverse stock split will reduce the number of outstanding shares from approximately 13.4 million to 840,000. No fractional shares will be issued; holdings of less than 16 shares will be rounded up to one whole share. The split will also proportionately adjust the terms of outstanding warrants, stock options, and restricted stock units. New CUSIP number 655187201 will be assigned, and shareholders will receive instructions from Vstock Transfer for exchanging shares.
January 02, 2024 | 5:02 pm
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Aclarion, Inc. is undergoing a 1-for-16 reverse stock split to maintain Nasdaq listing and increase its stock price above the minimum bid price requirement. The total shares outstanding will significantly decrease, potentially affecting the stock's liquidity and market perception.
Reverse stock splits are often used by companies to increase their stock price to comply with exchange listing requirements. While this can be viewed as a positive step towards maintaining listing status, it may also be perceived as a sign of underlying issues with the company's value. In the short term, the reduced number of shares could lead to increased volatility and potentially higher share prices due to the perception of scarcity. However, investor sentiment can be mixed on reverse splits, and the long-term impact will depend on the company's performance post-split.
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