Novo Integrated Sciences, Inc. (NASDAQ:NVOS) shares are trading lower by 52% to $0.14 Monday afternoon after the company earlier announced a 1-for-10 reverse stock split of its common stock.
What Happened?
Novo says this change is set to take effect on November 6, after the close of trading on the Nasdaq Capital Market. Novo’s common stock will then begin trading on a Reverse Stock Split-adjusted basis on November 7.
Novo says the decision was made to address Nasdaq’s minimum bid price requirement and improve the company’s positioning for shareholder value. The reverse stock split received stockholder approval at the annual meeting on September 29.
The Company’s Board of Directors approved the 1-for-10 ratio, with the aim of attracting a broader range of institutional and retail investors. Robert Mattacchione, Novo’s CEO and Chairman, expressed confidence in this strategy to maximize shareholder value.
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According to data from Benzinga Pro, NVOS has a 52-week high of $0.54 and a 52-week low of $0.06.
