Ekso Bionics® Announces Reverse Stock Split
March 24 2020 - 4:00PM
Ekso Bionics Holdings, Inc. (the “Company”) (Nasdaq: EKSO), a
leading developer of exoskeletons for medical and industrial use,
today announced that it will effect a reverse stock split of shares
of its common stock at a ratio of 1-for-15, effective as of March
24, 2020 at 1:05 p.m. Pacific time. The Company’s common stock will
open for trading on The Nasdaq Capital Market on March 25, 2020 on
a split-adjusted basis under the existing trading symbol “EKSO”.
The Company’s common stock will trade under a new CUSIP number
282644301 upon the effectiveness of the reverse stock split.
Upon the effectiveness of the reverse stock
split, the number of shares of the Company’s outstanding common
stock will decrease from approximately 87,438,350 pre-split shares
to approximately 5,829,390 post-split shares, with no change in par
value per share.
The reverse stock split was approved by the
Company’s shareholders at a special meeting held on March 12, 2020,
and is primarily intended to raise the per share trading price of
the Company’s common stock and, in particular, enable the Company
to regain compliance with the minimum bid price requirement for
maintaining its listing on The Nasdaq Capital Market. To regain
compliance, the closing bid price of the Company’s common stock
must be at least $1.00 for a minimum of ten consecutive trading
days.
No fractional shares will be issued as a result
of the reverse stock split. Any holder that would otherwise receive
a fractional share of common stock as a result from the reverse
stock split will have those shares rounded up to the next whole
share.
The reverse stock split will affect all issued
and outstanding shares of the Company’s common stock, as well as
the number of shares of common stock available for issuance under
the Company’s outstanding stock options and warrants. The reverse
stock split will reduce the number of shares of common stock
issuable upon the exercise of stock options or warrants outstanding
immediately prior to the reverse stock split and correspondingly
increase the respective exercise prices. The reverse stock split
will not be accompanied by a proportional reduction in the number
of authorized shares of the Company’s common stock. The reverse
stock split will affect all shareholders uniformly and will not
significantly alter any shareholder’s percentage interest in the
Company’s equity.
Stockholders who hold their shares
electronically in book-entry form at a brokerage firm or through
the Ekso Bionics, Inc. 401(k) plan need not take any action, as
their shares will be automatically adjusted by their brokerage firm
or trustee of the 401(k) plan, as applicable, to reflect the
reverse stock split. Beneficial holders may contact their bank,
broker or nominee with any questions regarding the procedure of
implementing the reverse stock split. Stockholders holding share
certificates may request to receive information from VStock
Transfer, LLC, the Company’s transfer agent, regarding the process
for exchanging their shares of common stock. Shareholders with
questions may contact VStock Transfer by calling +1 (212)
828-8436.
Additional information regarding the reverse
stock split can be found in the Company’s Definitive Proxy
Statement on Schedule 14A (Form DEF14A), filed with the SEC on
February 10, 2020, and posted on the Company’s website at
www.eksobionics.com.
About Ekso Bionics® Ekso
Bionics® is a leading developer of exoskeleton solutions that
amplify human potential by supporting or enhancing strength,
endurance and mobility across medical and industrial applications.
Founded in 2005, the Company continues to build upon its
unparalleled expertise to design some of the most cutting-edge,
innovative wearable robots available on the market. Ekso Bionics is
the only exoskeleton company to offer technologies that range from
helping those with paralysis to stand up and walk, to enhancing
human capabilities on job sites across the globe. The Company is
headquartered in the Bay Area and is listed on the Nasdaq Capital
Market under the symbol EKSO. For more information, visit:
www.eksobionics.com or follow @EksoBionics on Twitter.
Forward-Looking StatementsAny
statements contained in this press release that do not describe
historical facts may constitute forward-looking statements.
Forward-looking statements may include, without limitation,
statements regarding the timing and effectiveness of the reverse
stock split and the Company’s ability to maintain its listing on
The Nasdaq Capital Market (including its ability to achieve or
maintain the minimum bid price required by The Nasdaq Capital
Market and to comply with other requirements for listing on The
Nasdaq Capital Market). Such forward-looking statements are not
meant to predict or guarantee actual results, performance, events
or circumstances and may not be realized because they are based
upon the Company’s current plans, objectives, beliefs,
expectations, and assumptions and are subject to a number of risks
and uncertainties and other influences, many of which the Company
has no control over. Actual results and the timing of certain
events and circumstances may differ materially from those described
by the forward-looking statements as a result of these risks and
uncertainties. Factors that may influence or contribute to the
inaccuracy of the forward-looking statements or cause actual
results to differ materially from expected or desired results may
include, without limitation, the price and volume fluctuations in
trading of the Company’s common stock, the potential adverse effect
of the reduced number of shares outstanding following the reverse
stock split on the liquidity of the Company’s common stock,
potentially adverse Nasdaq decisions related to the listing of the
Company’s common stock on the Nasdaq Capital Market. These and
other factors are identified and described in more detail in the
Company’s filings with the SEC. To learn more about Ekso Bionics
please visit the Company’s website at www.eksobionics.com or
refer to our Twitter page at @EksoBionics. The Company does not
undertake to update these forward-looking statements.
Media Contact:Carrie Yamond
Mas917-371-2320cmas@eksobionics.com
Investor Contact:David
Carey212-867-1768investors@eksobionics.com
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