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Saturday, Sep 23, 2023

Endonovo Proposes Reverse Stock Split

Endonovo Therapeutics, a Woodland Hills business that develops electro-therapeutic devices for pain management, on Thursday announced a proposed reverse stock split. According to a statement from the company, the split of its common stock would be at a ratio between one for 100 and one for 1,000. The proposal is contingent upon Securities and Exchange Commission approval; mailing an information statement to shareholders and waiting for 20 days; a decision on the final ratio; filing an amended certificate of incorporation; and a review by the Financial Industry Regulatory Authority. The company cannot specify timing, ration or even if the reverse stock split will occur until the above-mentioned contingencies are met. No shareholder action is required at this time, Endonovo said in a statement. “This reverse stock split is an important step in our future and our goal for growing the company and creating long-term shareholder value and attracting a broader, more diverse shareholder base, especially in light of the SofPulse sales and our national rollout,” Alan Collier, chief executive of Endonovo, said in a statement. Common stock will trade under the ticker symbol “ENDVD” for 20 trading days after the reverse stock split takes effect. Shares of Endonovo (ENDV) closed Friday at less than 1 cent on the over-the-counter market.

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