Nemaura Medical Announces 1 for 10 Reverse Split Intended to Attract a Wider Universe of Institutional Investors
December 04 2019 - 10:00AM
Nemaura Medical, Inc. (NASDAQ: NMRD) (“Nemaura”), a medical
technology company focused on the commercialization of SugarBEAT®
as a non-invasive, affordable and flexible Continuous Glucose
Monitor (CGM) for use by diabetics and pre-diabetics, today
announced plans to conduct reverse stock split of the Company’s
issued and outstanding common stock, par value $0.001 per share on
a one 1 for 10 basis. The reverse split is expected to take
effect at the market open on December 5, 2019. The new CUSIP number
will be 640442208.
In accordance with the reverse split, each stockholder’s
percentage ownership interest in Nemaura Medical remains unchanged.
Any fractional shares resulting from the reverse stock split were
rounded up to the nearest whole share of common stock. As a result,
the number of outstanding shares of common stock are expected to be
reduced from approximately 208.1 million to approximately 20.8
million outstanding shares and the authorized shares of common
stock are expected to be reduced from 420.0 million to 42.0
million.
Dr. Faz Chowdhury, CEO of Nemaura commented,
“Given the recent and exciting developments at the Company,
including the commercial rollout launch of SugarBEAT® following CE
approval, we decided to effect the reverse split at this time to
ensure a share price that we believe will enable us to attract a
broader universe of institutional investors. As the world’s first
non-invasive, safe, needle-free CGM, SugarBEAT® is uniquely
positioned to target the underserved $80 billion market for Type 2
diabetics and pre-diabetics. We are further encouraged by the
outlook for the business based on positive feedback from key
opinion leaders and end users. We look forward to providing
additional updates as we execute on our commercial strategy.”
About Nemaura Medical, Inc.:
Nemaura Medical, Inc. (NASDAQ: NMRD), is a
medical technology company commercializing SugarBEAT® as a
non-invasive, affordable and flexible Continuous Glucose Monitor
(CGM) designed to help people with diabetes and pre-diabetics
better manage their glucose levels by spending more time in
range. Insulin users can adjunctively use SugarBEAT® when
calibrated by a finger stick reading. SugarBEAT® consists of a
daily, disposable adhesive skin-patch connected to a small form
factor rechargeable transmitter, connected via Bluetooth to a
specially designed mobile application, which displays glucose
readings at five-minute intervals throughout the day.
For more information visit:
www.NemauraMedical.com
www.SugarBEAT.com
Cautionary Statement Regarding Forward-Looking
Statements:
The statements in this press release that are
not historical facts, and may constitute forward-looking statements
that are based on current expectations and are subject to risks and
uncertainties that could cause actual future results to differ
materially from those expressed or implied by such statements.
Those risks and uncertainties include, but are not limited to,
risks related to regulatory approvals and the success of Nemaura’s
ongoing studies, including the safety and efficacy of Nemaura’s
SugarBEAT® system, the failure of future development and
preliminary marketing efforts, Nemaura’s ability to secure
additional commercial partnering arrangements, risks and
uncertainties relating to Nemaura and its partners’ ability to
develop, market and sell SugarBEAT®, the availability of
substantial additional equity or debt capital to support its
research, development and product commercialization activities, and
the success of its research, development, regulatory approval,
marketing and distribution plans and strategies, including those
plans and strategies related to SugarBEAT®. These and other risks
and uncertainties are identified and described in more detail in
Nemaura’s filings with the United States Securities and Exchange
Commission, including, without limitation, its Annual Report on
Form 10-K for the most recently completed fiscal year, its
Quarterly Reports on Form 10-Q, and its Current Reports on Form
8-K. Nemaura undertakes no obligation to publicly update or revise
any forward-looking statements.
Contact:
Crescendo Communications, LLC 212-671-1021
NMRD@crescendo-ir.com
Nemaura Medical (NASDAQ:NMRD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Nemaura Medical (NASDAQ:NMRD)
Historical Stock Chart
From Jul 2023 to Jul 2024