Skyline Medical (SKLN) Announces Board Approval, Effectiveness of 1-For-25 Reverse Stock Split
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Skyline Medical Inc. (Nasdaq: SKLN) announces that the Company’s board of directors has unanimously approved a reverse split of the Company’s common stock at a ratio of 1-for-25. The reverse stock split will become effective as of the close of business on October 27, 2016, with anticipated trading on a post-split basis on NASDAQ commencing at the open of the stock market on October 28, 2016. Following the reverse split, the common stock will trade under the CUSIP number 83084T606.
As a result of the reverse stock split, the number of outstanding common shares of Skyline Medical will be reduced to approximately 3.9 million shares from 98.3 shares pre-split. Fractional stockholdings will be rounded up to the nearest whole number. The reverse stock split will affect all stockholders uniformly and will not affect any stockholder’s ownership percentage of shares of the Company’s common stock.
The purpose of the reverse stock split is to raise the per-share trading price of the Company’s common stock to regain compliance with the minimum $1.00 continued listing requirement for the listing of its common stock on The NASDAQ Capital Market. In order to maintain the Company’s listing on NASDAQ, the Company’s common stock must have a closing bid price of $1.00 or more for a minimum of 10 consecutive trading days.
Skyline management believes that this reverse-split ratio of 1-for-25 will allow sufficient time to permit compliance while it works to cure its stockholders’ equity deficiency for continued listing. It also will allow time to permit Skyline Medical to execute its growth strategy including consummating its joint venture with Electronic On-Ramp, Inc. to supply STREAMWAY to U.S. government mobile operating rooms and its partnership with GLG Pharma, LLC, which intends to develop rapid diagnostic tests that utilize fluid and tissue collected by the STREAMWAY System during procedures.
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