logo-loader
viewNemaura Medical Inc

Nemaura announces 1-for-10 reverse stock split to attract institutional investors

The reverse split is expected to take effect at the market open December 5 and each stockholder’s percentage ownership interest remains unchanged

Nemaura Medical Inc - Nemaura Medical Inc announces 1-for-10 reverse split to attract a wider universe of institutional investors
Nemaura is commercializing SugarBEAT as a non-invasive, affordable and flexible continuous glucose monitor for people with diabetes and pre-diabetics

Nemaura Medical Inc (NASDAQ:NMRD) announced Wednesday plans to conduct a reverse stock split of its issued and outstanding common stock with a par value of $0.001 per share on a 1-for-10 basis. 

The reverse split is expected to take effect at the market open on December 5 and each stockholder’s percentage ownership interest in Nemaura remains unchanged, according to a statement.

Any fractional shares resulting from the reverse stock split were rounded up to the nearest whole share of common stock. As a result, the number of outstanding shares of common stock are expected to be reduced from about 208.1 million to about 20.8 million outstanding shares. And the authorized shares of common stock are expected to be reduced from 420 million to 42 million.

READ: Nemaura’s exciting 2Q sets it up to execute commercial strategy for SugarBEAT

Nemaura is commercializing SugarBEAT as a non-invasive, affordable and flexible continuous glucose monitor (CGM) designed to help people with diabetes and pre-diabetics better manage their glucose levels by spending more time in range.

CEO Dr Faz Chowdhury said the company decided on the reverse split to attract a broader universe of institutional investors.

“As the world’s first non-invasive, safe, needle-free CGM, SugarBEAT is uniquely positioned to target the underserved $80 billion market for Type 2 diabetics and pre-diabetics,” Chowdhury said. 

“We are further encouraged by the outlook for the business based on positive feedback from key opinion leaders and end users. We look forward to providing additional updates as we execute on our commercial strategy.”

The company’s stock recently traded up more than 5% to $0.59 a share in New York.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

 

 

Quick facts: Nemaura Medical Inc

Price: 3.53 USD

NASDAQ:NMRD
Market: NASDAQ
Market Cap: $73.45 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Nemaura Medical Inc named herein, including the promotion by the Company of Nemaura Medical Inc in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Nemaura Medical reveals details of upcoming European launch...

Nemaura Medical Inc (NASDAQ:NMRD) Vice President of Strategy & Strategic Alliances Dr Fred Schaebsdau tells Proactive the medical technology company is targeting a commercial launch for its flagship SugarBEAT continuous glucose monitor in the UK and in Ireland in January 2020. Dr...

on 10/08/2019

2 min read