Newtown-based Helius Medical Technologies initiated a 1-for-15 reverse stock split to satisfy NASDAQ’s minimum $1 per share listing requirement, writes John George for the Philadelphia Business Journal.
The stock was trading at 27 cents per share early Thursday following the announcement, reflecting an increase of more than 13 percent.
The company’s stockholders approved a proposal for the reverse stock split at around 1-for-2 to 1-for-30 on April 21. The final ratio was determined by the board of directors. As a result, the number of Helius outstanding shares will decrease to approximately 500,000 from 7.9 million.
Founded in 2014, Helius is best known for the Portable Neuromodulation Stimulator, a non-surgical device composed of a controller and a mouthpiece that helps improve balance and gait in individuals with neurological deficits by delivering mild electrical stimulation to the surface of the tongue, where many nerve fibers are located.
The Food and Drug Administration cleared the PoNS device for marketing in 2021, as a short-term therapy to improve gait impairment in individuals with mild-to-moderate multiple sclerosis. The prescription-only device is designed to be used along with a supervised therapeutic exercise program for patients aged 22 and older.
Read more about Helius Medical Technologies in the Philadelphia Business Journal.
