Endonovo Therapeutics, a Woodland Hills business that develops electro-therapeutic devices for pain management, on Thursday announced a proposed reverse stock split.
According to a statement from the company, the split of its common stock would be at a ratio between one for 100 and one for 1,000.
The proposal is contingent upon Securities and Exchange Commission approval; mailing an information statement to shareholders and waiting for 20 days; a decision on the final ratio; filing an amended certificate of incorporation; and a review by the Financial Industry Regulatory Authority.
The company cannot specify timing, ration or even if the reverse stock split will occur until the above-mentioned contingencies are met. No shareholder action is required at this time, Endonovo said in a statement.
“This reverse stock split is an important step in our future and our goal for growing the company and creating long-term shareholder value and attracting a broader, more diverse shareholder base, especially in light of the SofPulse sales and our national rollout,” Alan Collier, chief executive of Endonovo, said in a statement.
Common stock will trade under the ticker symbol “ENDVD” for 20 trading days after the reverse stock split takes effect.
Shares of Endonovo (ENDV) closed Friday at less than 1 cent on the over-the-counter market.