Aclarion Inc. (NASDAQ: ACON, ACONW) announced a 1-for-27 reverse stock split of its common stock, effective before market open on March 28.
On Sept. 23, 2024, the Broomfield-based company’s stockholders approved an amendment to the company’s Certificate of Incorporation to authorize a reverse stock split with the ratio set by its Board of Directors. The Board resolved to establish the ratio at 1-for-27.
The company filed an amendment to its Certificate of Incorporation with the Secretary of State in Delaware, effective March 27, at 5:00 p.m. Eastern Time. Under this split, every twenty-seven issued shares of common stock will combine into one share of common stock. Aclarion believes that the reverse stock split will assist in meeting Nasdaq’s continued listing standards, particularly by increasing the per share price above the $1.00 minimum required by Nasdaq’s Minimum Bid Price Rule.
Shares will be assigned a new CUSIP number (655187409) and are expected to begin trading on a split-adjusted basis on March 28. The reverse stock split will not affect the authorized number of shares. No fractional shares will be issued; instead, fractional shares will be rounded up to the nearest whole share at the participant level.
The reverse stock split will also affect the company’s outstanding warrants, stock options and restricted stock units, with conversions and exercise prices adjusted proportionately. Once effective, stockholders holding shares through brokerage accounts will have their shares automatically adjusted. Shareholders with common stock certificates will receive a letter from Aclarion’s transfer agent, Vstock Transfer, with instructions for share exchanges. The Company expects its issued and outstanding common shares to decrease from approximately 15.72 million to about 582,000 post-split shares.
