ANN ARBOR–Endra Life Sciences Inc. (Nasdaq: NDRA), developers of Thermo Acoustic Enhanced UltraSound (TAEUS) medical diagnostic technology, announced that it will be effecting a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-20.
The reverse stock split will reduce the number of shares of the company’s common stock outstanding from 63,174,455 shares to approximately 3,158,723 shares, subject to adjustment for the rounding up of fractional shares.
The company is confirming with the Nasdaq Stock Market the effective date of the reverse stock split, when Endra’s common stock will begin trading on a split-adjusted basis under the existing trading symbol “NDRA” and a new CUSIP number.
The reverse stock split was approved by the company’s shareholders in a special meeting Nov. 29, with the final ratio subsequently determined by the company’s board of directors.
The reverse stock split is intended to bring the company into compliance with Nasdaq’s minimum bid price requirement and is not being done as part of a capital raise.
“We thank our stockholders for authorizing a reverse stock split in order to meet Nasdaq continued-listing requirements,” said Francois Michelon, chairman and CEO. “In addition, we believe the higher share price resulting from the reverse split may assist in improving the visibility of our stock among institutional investors. We look forward to keeping investors updated on our progress as we collect data from clinical evaluation sites in support of our upcoming De Novo submission for TAEUS in the U.S. and our commercialization efforts in Europe.”
Additional information concerning the reverse stock split can be found in Endra’s proxy statement filed with the Securities and Exchange Commission Oct. 17.
TAEUS technology is being developed to visualize tissue like MRI, but at 1/50th the cost and at the point of patient care. TAEUS is designed to work in concert with over 500,000 ultrasound systems in use globally today. TAEUS is initially focused on the measurement of fat in the liver as a means to assess and monitor Non-Alcoholic Fatty Liver Disease (NAFLD) and inflammation (NASH), chronic liver conditions that affect over one billion people globally, and for which there are no practical diagnostic tools. Beyond the liver, Endra is exploring several other clinical applications of TAEUS, including visualization of tissue temperature during energy-based surgical procedures. For more information, visit www.endrainc.com.