Apollo Medical Holdings Inc. has announced a 1-for-10 reverse stock split as part of a plan to join Nasdaq.
The Glendale company, which manages integrated health care plans and hospital-based doctor groups, said its board approved the reverse split earlier in the month to raise Apollo’s share price above the $1 threshold required by Nasdaq.
The company’s shares have fluctuated between 25 and 70 cents during the past year in over-the-counter trading.
The split will reduce the number of shares from 48.6 million to about 4.86 million. The company ticker symbol will remain AMEH, with the letter “D” added to the ticker for about 20 trading days to indicate a recent reverse stock split.
The company has submitted an initial application for listing on Nasdaq, but “the company cannot assure that the listing will be approved,” it said in a statement.
Last month, the company expanded in the San Francisco Bay Area with a hospitalist and post-acute care services practice expected to add 42,000 annual patient visits.
Shares closed down 7 cent on Monday to 45 cents on the over-the-counter market.