Tivic Health Systems Ord Shs (NASDAQ:TIVC) shares are trading lower by 25.89% to $2.92 Wednesday morning. The stock is trading lower after the company announced and effected a 1-for-100 reverse stock split.
Each 100 shares of the company’s common stock will convert into one new share. Adjustments will apply to conversion prices, warrants, equity awards and options. The split won’t affect authorized shares or stock value. Fractional shares will be rounded up to whole shares.
The reverse split aims to comply with Nasdaq listing requirements. The company faced delisting due to low stock price but appealed and has a hearing on September 21. The reverse split is expected to restore compliance and maintain the company’s Nasdaq listing.
According to data from Benzinga Pro, TIVC has a 52-week high of $208.00 and a 52-week low of $2.80.
