Assure Announces Reverse Stock Split to support Continued Listing on NASDAQ
2024-07-03 15:17 ET - News Release
DENVER, July 03, 2024 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the “Company” or “Assure”) (NASDAQ: IONM), a provider of intraoperative neuromonitoring (“IONM”) and remote neurology services, today announced that it will effect a reverse stock split (the “Reverse Stock Split”) of its shares of common stock, $0.001 par value, at a ratio of 18 (old) for 1 (new) that will become effective on July 9, 2024 at 12:01 a.m. Pacific Standard Time.
Assure’s common stock is expected to begin trading on the NASDAQ Capital Market on a split-adjusted basis when the market opens on July 9, 2024, meaning that each eighteen (18) pre-split shares will represent one (1) post-split share and the share price is expected to increase mechanically in proportion to the 18:1 ratio. Assure’s common stock will continue to trade under its existing symbol “IONM”. The new CUSIP number for the common stock following the Reverse Stock Split will be 04625J402.
The Reverse Stock Split is primarily intended to bring the Company into compliance with the minimum bid price requirement for maintaining the listing of its common stock on the NASDAQ Capital Market and to make the bid price more attractive to investors.
As a result of the 18:1 Reverse Stock Split, the total number of shares of common stock authorized by the Company under its Articles of Incorporation will be reduced from 250,000,000 shares of common stock, par value $0.001, to 13,888,888 shares of common stock, par value $0.001. The number of shares of common stock held by each stockholder of the Company will consolidate automatically on an 18 (old) shares for 1 (new) share basis. No fractional shares will be issued in connection with the Reverse Stock Split. All fractional shares will be rounded up to the nearest whole share, pursuant to NRS 78.205(2)(b).
The Reverse Stock Split will affect all issued and outstanding shares of common stock. All outstanding options, restricted stock awards, warrants, preferred stock and convertible notes and other securities entitling their holders to purchase or otherwise receive shares of common stock will be adjusted as a result of the Reverse Stock Split by decreasing the number of shares acquirable pursuant to the ratio of 18:1 and increasing the exercise or conversion price, as applicable, by the same ratio, as required by the terms of each such security. The number of shares of common stock available to be awarded under the Company’s equity incentive plans will also be proportionately adjusted.
As of July 3, 2024, the Company had approximately 10,602,306 shares of common stock issued and outstanding, and after the Reverse Stock Split, the Company will have approximately 589,017 shares of common stock issued and outstanding.
Immediately after the Reverse Stock Split, each stockholder’s percentage ownership interest in the Company and proportional voting power will remain virtually unchanged, except for minor changes and adjustments that will result from rounding fractional shares into whole shares, as applicable. The rights and privileges of the holders of shares of common stock will be substantially unaffected by the Reverse Stock Split.