BROOMFIELD, CO – January 24, 2025 (NEWMEDIAWIRE) – Aclarion, Inc., (“Aclarion” or the “Company”) (Nasdaq: ACON, ACONW), a healthcare technology company that is leveraging biomarkers and proprietary augmented intelligence algorithms to help physicians identify the location of chronic low back pain, today announced that effective before market open on Wednesday, January 29, 2025, it will complete a 1-for-370 reverse stock split of its common stock.
On December 31, 2024, the Company’s stockholders approved an amendment to the Company’s Certificate of Incorporation to affect a reverse stock split with the exact ratio to be set by its Board of Directors. The Board resolved to set the reverse stock split at the ratio of 1-for-370. The Company filed an amendment to its Certificate of Incorporation with the Secretary of State in Delaware effective January 28, 2025, at 5:00 p.m. Eastern Time. As a result, every three hundred seventy (370) issued shares of common stock will automatically be combined into one (1) share of common stock.
The Company believes that affecting the reverse stock split will assist in its efforts to meet the Nasdaq continued listing standards and to continue to have its common stock remain listed and traded on Nasdaq. In particular, the Company expects the reverse stock split to increase the per share price and bid price of its common stock above the $1.00 required by Nasdaq’s Minimum Bid Price Rule.
Shares of the Company’s common stock will be assigned a new CUSIP number (655187300) and are expected to begin trading on a split-adjusted basis on Wednesday, January 29, 2025.
The reverse stock split will not change the authorized number of shares of the Company’s common stock. No fractional shares will be issued and any fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share. Therefore, stockholders with less than 370 shares will receive one share of stock.
The reverse stock split will apply to the Company’s outstanding warrants, stock options and restricted stock units. The number of shares of common stock into which these outstanding securities are convertible or exercisable will be adjusted proportionately as a result of the reverse stock split. The conversion or exercise prices of any outstanding warrants or stock options will also be proportionately adjusted in accordance with the terms of those securities and the Company’s equity incentive plans.
Once the reverse stock split becomes effective, stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-370 reverse stock split. Existing stockholders holding common stock certificates will receive a letter of transmittal from Aclarion’s transfer agent, Vstock Transfer, with specific instructions regarding the exchange of shares.
Aclarion, a leading technology company, has announced a reverse stock split in an effort to streamline operations and improve shareholder value. The reverse stock split will combine multiple shares of the company’s common stock into a single share, effectively reducing the total number of outstanding shares.
This move comes as Aclarion looks to position itself for future growth and expansion in the competitive tech market. By reducing the number of shares outstanding, the company hopes to increase the value of its stock and attract potential investors.
Shareholders can expect to receive updated information from Aclarion regarding the reverse stock split, including the exact ratio at which shares will be combined. The company is committed to transparency throughout this process and ensuring that shareholders are informed every step of the way.
Overall, Aclarion’s reverse stock split is a strategic move aimed at strengthening the company’s financial position and driving long-term value for its investors. Stay tuned for more updates on this exciting development.
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