LogicMark, Inc. (NASDAQ: LGMK), a provider of personal emergency response systems (PERS), health communications devices, and technology, has announced that the company’s board of directors has approved a reverse stock split of its common stock at a ratio of 1 post-split share for every 20 pre-split shares.
The company’s board of directors also approved a corresponding 1-for-20 reverse stock split ratio for its Series C preferred stock, which will occur simultaneously with the reverse stock split of its common stock. The reverse stock splits were approved at a Special Meeting of Stockholders, held on March 7, 2023, and the reverse stock split of the common stock is intended to bring LogicMark into compliance with Nasdaq’s $1.00 per share minimum bid price requirement for continued listing on the Nasdaq Capital Market. LogicMark’s stock began the day trading at 15 cents per share. One year ago, the stock was at $1.82 per share.
LogicMark expects that the common stock will begin trading on a split-adjusted basis at the open of trading on Monday, April 24, 2023, under the new CUSIP number 67091J 503, and each of the reverse stock splits will be effective as of 5:30 p.m. Eastern Time on April 21, 2023 upon the filing of the applicable certificates of amendment with the Secretary of State of the State of Delaware.
Chia-Lin Simmons, Chief Executive Officer, commented, “The primary purpose of the reverse split is to bring the Company into compliance with Nasdaq Capital Market’s $1.00 minimum price requirement. This will enable LogicMark to remain listed and benefit from the advantages of being a NASDAQ listed company. The reverse split will put us in a better position to execute as we work towards launching new innovative products in the coming months. I would like to thank our shareholders for their vote on March 7, 2023 and for their continued support.”
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