InspireMD (NSPR) Plans 1-for-25 Reverse Stock Split
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InspireMD, Inc. (NYSE: NSPR) today announced a 1-for-25 reverse split of its common stock, effective as of October 7, 2016. Beginning on October 10, 2016, the Company's common stock will trade on the NYSE MKT on a split adjusted basis.
At InspireMD's special meeting of stockholders on September 28, 2016, the Company's stockholders authorized the Board of Directors to amend the Amended and Restated Certificate of Incorporation of the Company to effect a reverse stock split at a ratio in the range of 1-for-10 to 1-for-25.
Upon effectiveness, the reverse stock split will cause a reduction in the number of shares of common stock outstanding and issuable upon the conversion of the Company's outstanding shares of preferred stock and the exercise of its outstanding stock options and warrants in proportion to the ratio of the reverse stock split and will cause a proportionate increase in the conversion and exercise prices of such preferred stock, stock options and warrants. The number of shares of common stock issuable upon exercise or vesting of outstanding stock options and warrants will be rounded up to the nearest whole share.
The Company's common stock will continue to trade on the NYSE MKT under the symbol "NSPR." The new CUSIP number for the common stock following the reverse stock split is 45779A 804.
The number of authorized shares of the Company's common stock will remain at 150,000,000, while the number of outstanding shares will be reduced from approximately 36 million to 1.4 million. No fractional shares will be issued following the reverse stock split.
Registered stockholders holding their shares of common stock in book-entry or through a bank, broker or other nominee form do not need to take any action in connection with the reverse stock split. For those stockholders holding physical stock certificates, the Company's transfer agent, Action Stock Transfer Corp, will send instructions for exchanging those certificates for new certificates representing the post-split number of shares. Action Stock Transfer Corp can be reached at (801) 274-1088.
Additional information about the reverse stock split can be found in the Company's definitive proxy statement filed with the Securities and Exchange Commission on August 18, 2016, a copy of which is also available at www.sec.gov or at www.inspiremd.com under the SEC Filings tab located on the Investors page.
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