Helius Medical Technologies, Inc. Announces Reverse Stock Split
December 31 2020 - 7:05AM
Helius Medical Technologies, Inc. (Nasdaq:HSDT) (TSX:HSM) (“Helius”
or the “Company”), a neurotech company focused on neurological
wellness, announced today a 1-for-35 reverse split of its Class A
common stock, par value $0.001 (“common stock”), effective at 5:00
pm Eastern time today. Beginning on January 4, 2021, the Company’s
common stock will trade on The Nasdaq Capital Market and the
Toronto Stock Exchange on a split adjusted basis.
Upon effectiveness, the reverse stock split will
cause a reduction in the number of shares of common stock
outstanding and issuable upon the conversion of the Company’s
outstanding stock options and warrants in proportion to the ratio
of the reverse split, and will cause a proportionate increase in
the conversion and exercise prices of such stock options and
warrants. Each outstanding 35 shares will be combined, converted
and changed into 1 share of Common Stock, to enable the Company to
comply with the Nasdaq Stock Market’s continued listing
requirements. Any fraction of a share of Common Stock that would be
created as a result of the Reverse Stock Split will be rounded down
to the next whole share and the stockholder will receive cash equal
to the market value of the fractional share, determined by
multiplying such fraction by the closing sales price of the
Company’s Common Stock as reported on Nasdaq on the last trading
day before the Reverse Stock Split becomes effective (on a
split-adjusted basis).
The number of authorized shares of the Company’s
common stock will remain at 150 million, while the number of
outstanding shares will be reduced from approximately 51.9 million
to approximately 1.5 million. The Company’s common stock will
continue to trade on The Nasdaq Capital Market under the symbol
“HSDT” and on the Toronto Stock Exchange under the symbol “HSM.”
The new CUSIP number for the common stock following the reverse
split is 42328V 603.
Additional information about the reverse stock
split can be found in the Company’s definitive proxy statement
filed with the Securities and Exchange Commission on November 30,
2020, a copy of which is also available on the Investor Relations
section of the Company’s website.
About Helius Medical Technologies,
Inc.
Helius Medical Technologies is a neurotech
company focused on neurological wellness. The Company’s purpose is
to develop, license and acquire unique and non-invasive platform
technologies that amplify the brain’s ability to heal itself. The
Company’s first commercial product is the Portable Neuromodulation
Stimulator (PoNSTM). For more information,
visit www.heliusmedical.com.
Investor Relations Contact:
Westwicke Partners on behalf of Helius Medical Technologies,
Inc.Mike Piccinino,
CFA443-213-0500investorrelations@heliusmedical.com
The Toronto Stock Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of the
content of this news release.
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