Novo Integrated Sciences, Inc. (NASDAQ:NVOS) (the “Company” or “Novo”), today announced that the Company will undertake a reverse stock split of its common stock at a ratio of 1-for-10 (the “Reverse Stock Split”). The Reverse Stock Split is expected to become effective immediately after the close of trading on the Nasdaq Capital Market (“Nasdaq”) on November 6, 2023 (the “Effective Date”) and the Company’s common stock is expected to begin trading on Nasdaq on a Reverse Stock Split-adjusted basis on November 7, 2023, under the new CUSIP number, 67011T300.
Robert Mattacchione, Novo’s CEO and Chairman of the Board, stated, “Although we have been investigating various strategies to regain compliance with Nasdaq’s minimum bid price requirement, we believe that effectuating a reverse stock split is the most appropriate course of action at this time. We believe that by promptly addressing the uncertainty regarding our listing we will be better positioned to maximize value for our shareholders.”
Stockholder approval for the Reverse Stock Split was obtained at the Company’s annual meeting of stockholders on September 29, 2023. After careful consideration in light of current market conditions, the Company’s Board of Directors approved the Reverse Stock Split ratio of 1-for-10. The Company believes maintaining its Nasdaq listing will situate Novo more favorably and potentially attract a broader group of institutional and retail investors.
