Yesterday, the San Francisco Bay Area Ekso Bionics Holdings, one of the oldest exoskeleton companies in the world, completed a 1-for-15 reverse stock split:
“…Ekso Bionics Holdings, Inc. (the “Company”) (Nasdaq: EKSO), a leading developer of exoskeletons for medical and industrial use, today announced that it will effect a reverse stock split of shares of its common stock at a ratio of 1-for-15, effective as of March 24, 2020 at 1:05 p.m. Pacific time. The Company’s common stock will open for trading on The Nasdaq Capital Market on March 25, 2020 on a split-adjusted basis under the existing trading symbol “EKSO”. The Company’s common stock will trade under a new CUSIP number 282644301 upon the effectiveness of the reverse stock split.
Upon the effectiveness of the reverse stock split, the number of shares of the Company’s outstanding common stock will decrease from approximately 87,438,350 pre-split shares to approximately 5,829,390 post-split shares, with no change in par value per share.
The reverse stock split was approved by the Company’s shareholders at a special meeting held on March 12, 2020, and is primarily intended to raise the per share trading price of the Company’s common stock and, in particular, enable the Company to regain compliance with the minimum bid price requirement for maintaining its listing on The Nasdaq Capital Market. To regain compliance, the closing bid price of the Company’s common stock must be at least $1.00 for a minimum of ten consecutive trading days…”
You can find the full press release on the Ekso Bionics website: https://ir.eksobionics.com/press-releases/detail/681/ekso-bionics-announces-reverse-stock-split
The Ekso Bionics reverse stock split comes on the heels of an upbeat update from the company on its collaboration with Kindred Healthcare to test the EksoNR in their long-term acute care hospitals. Based on the press release, Kindred Healthcare LLC provides healthcare services at 1,678 locations, 71 of which are long-term acute care hospitals. You can read the full press release from Feb 25, 2020, from the Ekso Bionics website as well: https://ir.eksobionics.com/press-releases/detail/679/ekso-bionics-announces-collaboration-with-kindred
Other reverse-splits in the exoskeleton industry:
- Jan 30, 2020, Myomo completed a 1-for-30 reverse stock split
- April 1, 2019, ReWalk Robotics executed a 1:25 reverse stock split (link)
- Oct 29, 2018, saw Bionic Laboratories pull a 1:150 reverse stock split
- May 9, 2016, Ekso Bionics had another reverse stock split, 1:7, prior to being listed on NASDAQ (link)