ENvue Medical Sets 1-for-12 Reverse Split to Regain Nasdaq Compliance
FEED is trading near its 52-week low of $0.29 (4.3% above the low) on light trading volume (0.1× avg).
Summary
ENvue Medical's board has set the reverse split ratio at 1-for-12, exercising the authority granted by stockholders on August 14. The split is aimed at lifting the stock price above Nasdaq's $1 minimum bid requirement after the company received a delisting notice in July. With shares trading near $0.30, the split would adjust the price to roughly $3.60, though the company's market cap remains under $5 million and its cash position is critically low. This follows a series of dilutive financings and a going concern warning in the latest 10-Q. The effective date of the split has not been announced.
At the time of this announcement, FEED was trading at $0.30 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $4.1M. The 52-week trading range was $0.29 to $17.40. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.