- InVivo Therapeutics Holdings Corp (NASDAQ:NVIV) has announced a 1-for-25 reverse stock split of its common stock and a proportionate reduction in its authorized common stock.
- InVivo Therapeutics is a research and clinical-stage biomaterials and biotechnology company focusing on treating spinal cord injuries.
- The company anticipates the reverse stock split will become effective and start trading on a post-split basis on April 27.
- Every 25 shares of InVivo Therapeutics common stock will be combined into 1 share.
- In connection with the reverse stock split, the authorized shares will be reduced from 50 million shares to 2 million shares.
- The reverse stock split will reduce the company's issued and outstanding shares from approximately 34.3 million to about 1.4 million.
- The implementation of the reverse stock split is intended to increase the per-share trading price of the company's common stock to fulfill the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market.
- Price Action: NVIV shares are down 18.6% at $0.25 during the premarket session on the last check Monday.
