BioSig Announces Reverse Stock Split
January 31 2024 - 11:15AM
BioSig Technologies, Inc. (NASDAQ: BSGM) ("BioSig" or the
"Company"), a medical technology company committed to delivering
unprecedented accuracy and precision to intracardiac signal
visualization, today announced that it intends to effect a reverse
stock split of its common stock at a ratio of 1 post-split share
for every 10 pre-split shares. The reverse stock split will become
effective at 4:05 p.m. New York Time on Thursday, February 1, 2024.
BioSig's common stock will continue to trade on the Nasdaq Capital
Market under the symbol BSGM. It will begin trading on a
split-adjusted basis when the market opens on Friday, February 2,
2024. The new CUSIP number for the common stock following the
reverse stock split will be 09073N3008.
At the Company's annual meeting of stockholders held on December
18, 2023, BioSig's stockholders granted the Company's board of
directors (the “Board”) the discretion to effect a reverse stock
split of all of the outstanding shares of the Company's common
stock through an amendment to its Amended and Restated Certificate
of Incorporation at a ratio in the range of 1-for-2 to 1-for-10,
with the exact exchange ratio and timing to be determined by the
Company's Board.
At the effective time of the reverse stock split, every ten
shares of BioSig's issued and outstanding common stock will be
converted automatically into one issued and outstanding share of
common stock without any change in the par value per share.
Stockholders holding shares through a brokerage account will have
their shares automatically adjusted to reflect the 1-for-10 reverse
stock split. It is not necessary for stockholders holding shares of
the Company's common stock in certificated form to exchange their
existing stock certificates for new stock certificates of the
Company in connection with the reverse stock split, although
stockholders may do so if they wish.
The reverse stock split will affect all stockholders uniformly.
It will not alter any stockholder's percentage interest in the
Company's equity, except to the extent that the reverse stock split
would result in a stockholder owning a fractional share. Any
fractional share of a stockholder resulting from the reverse stock
split will be rounded up to the nearest whole number of shares. The
reverse stock split will reduce the number of shares of BioSig's
common stock outstanding from 93,344,435 to approximately
9,334,636, subject to adjustment for the rounding up of fractional
shares. Proportional adjustments will be made to the number of
shares of BioSig's common stock issuable upon the exercise or
conversion of BioSig's equity awards, convertible preferred stock
and warrants, and the applicable exercise or conversion price. The
reverse stock split will have no effect on the number of authorized
shares of common stock or the par value per share. Stockholders
with shares in brokerage accounts should direct any questions
concerning the reverse stock split to their broker; all other
stockholders may direct questions to the Company's transfer agent,
Securities Transfer Corporation, via email
at info@stctransfer.com or by telephone at 1-469-633-0101.
About BioSig Technologies, Inc.
BioSig Technologies is a medical technology company focused on
deciphering the body's electrical signals, starting with heart
rhythms. By leveraging a first-of-its-kind combination of hardware
and software, we deliver unprecedented cardiac signal clarity,
ending the reliance on 'mixed signals' and 'reading between the
lines.' Our platform technology addresses some of healthcare's
biggest challenges—saving time, costs, and lives.
The Company's product, the PURE EP™ Platform, an FDA 510(k)
cleared non-invasive class II device, provides superior, real-time
signal visualization, allowing physicians to perform highly
targeted cardiac ablation procedures with increased procedural
efficiency and efficacy.
An estimated 14.4 million Americans suffer from cardiac
arrhythmias, and the global EP market is projected to reach $16B in
2028 with an 11.2% growth rate.1
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements may be preceded by the words "intends,"
"may," "will," "plans," "expects," "anticipates," "projects,"
"predicts," "estimates," "aims," "believes," "hopes," "potential"
or similar words. Forward-looking statements are not guarantees of
future performance, are based on certain assumptions and are
subject to various known and unknown risks and uncertainties, many
of which are beyond the Company's control, and cannot be predicted
or quantified and consequently, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Such risks and uncertainties include, without
limitation, risks and uncertainties associated with (i) the effect
that the reverse stock split may have on the price of BioSig’s
common stock; (ii) BioSig’s ability to regain compliance with and
meet the continued listing requirements of The Nasdaq Capital
Market to maintain listing of its common stock; (iii) the
geographic, social, and economic impact of pandemics or worldwide
health issues on BioSig’s ability to conduct BioSig’s business and
raise capital in the future when needed; (iv) BioSig’s inability to
manufacture its products and product candidates on a commercial
scale on their own, or in collaboration with third parties; (v)
difficulties in obtaining financing on commercially reasonable
terms; (vi) changes in the size and nature of BioSig’s competition;
(vii) loss of one or more key executives or scientists; and (viii)
difficulties in securing regulatory approval to market BioSig’s
products and product candidates. For a discussion of other risks
and uncertainties, and other important factors, any of which could
cause BioSig’s actual results to differ from those contained in
forward-looking statements, see BioSig’s filings with the
Securities and Exchange Commission (SEC), including the section
titled “Risk Factors” in BioSig’s Quarterly Report on Form 10-Q,
filed with the SEC on November 14, 2023. Investors and security
holders are urged to read these documents free of charge on the
SEC's website at http://www.sec.gov. BioSig assumes no obligation
to publicly update or revise its forward-looking statements as a
result of new information, future events or otherwise, except as
required by law.
1 Cardiac Ablation Market. (2022, December). Global Market
Insights.
https://www.gminsights.com/industry-analysis/cardiac-ablation
Andrew Ballou
BioSig Technologies, Inc.
Vice President, Investor Relations
55 Greens Farms
Westport, CT 06880
aballou@biosigtech.com
203-409-5444, x133
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