Lifeward Announces That Effective With The Open Of The Market On Friday, March 15, 2024, The Co Will Complete A 1-For-7 Reverse Split Of Its Ordinary Shares To Regain Compliance With Nasdaq Listing Requirements
Portfolio Pulse from Benzinga Newsdesk
Lifeward (formerly ReWalk Robotics Ltd., NASDAQ:LFWD) announced a 1-for-7 reverse stock split effective March 15, 2024, to meet Nasdaq's minimum share price requirement. The decision follows a shareholder vote on September 13, 2023, authorizing the Board to implement the reverse split. This action aims to keep Lifeward's shares listed on Nasdaq by increasing the per-share price above the $1.00 threshold. The reverse split will proportionally adjust the number of shares, warrants, and stock options, reducing the total outstanding shares from 60.1 million to approximately 8.6 million. Lifeward's financial guidance for 2024 and profitability target for 2026 remain unchanged.
March 13, 2024 | 3:48 pm
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Lifeward announces a 1-for-7 reverse stock split to meet Nasdaq listing requirements, effective March 15, 2024. This move aims to increase the per-share price above $1.00, with outstanding shares reducing from 60.1 million to 8.6 million. Financial targets for 2024 and 2026 remain unchanged.
The reverse stock split is a strategic move to increase Lifeward's share price to comply with Nasdaq's minimum price requirement, which is likely to be viewed positively by the market in the short term. The reduction in the number of shares increases the value of remaining shares, potentially making the stock more attractive to investors. However, the long-term impact will depend on the company's ability to meet its financial targets and profitability goals.
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