Ontrak, Inc. Announces 1-for-6 Reverse Split
July 27 2023 - 8:50AM
Business Wire
Ontrak, Inc. (NASDAQ: OTRK), a leading AI-powered and
telehealth-enabled healthcare company, announced today that it will
effect a 1-for-6 reverse split of its outstanding shares of common
stock, effective at 6:00 p.m. Eastern Time on July 27, 2023. The
company’s common stock is expected to trade on the Nasdaq Capital
Market on a post-split basis at the open of trading on July 28,
2023. The company’s common stock will continue to trade under the
symbol “OTRK,” but will trade under the following new CUSIP number
(683373 302). Any fractional share of common stock resulting from
the reverse split will be automatically rounded up to the nearest
whole share.
At a special meeting of stockholders held on February 20, 2023,
the company’s stockholders approved a proposal giving the company’s
board of directors the authority, at its discretion, to effect a
reverse split of the company’s outstanding common stock at a ratio
that is not less than 1:4 and not greater than 1:6, with the final
ratio to be selected by the company’s board of directors in its
discretion.
The reverse split is primarily intended to bring the company
into compliance with Nasdaq’s minimum bid price requirement.
However, there can be no assurances that the company will be able
to regain compliance with the minimum bid price requirement over
time, or that it will be successful in maintaining compliance with
that requirement or any of the other continued listing requirements
of the Nasdaq Capital Market.
Additional information concerning the reverse split can be found
in the company’s definitive proxy statement filed with the
Securities and Exchange Commission on January 20, 2023.
About Ontrak, Inc.
Ontrak, Inc. is a leading AI and telehealth-enabled healthcare
company, whose mission is to help improve the health and save the
lives of as many people as possible. Ontrak identifies, engages,
activates and provides care pathways to treatment for the most
vulnerable members of the behavioral health population who would
otherwise fall through the cracks of the healthcare system. We
engage individuals with anxiety, depression, substance use disorder
and chronic disease through personalized care coaching and
customized care pathways that help them receive the treatment and
advocacy they need, despite the socio-economic, medical and health
system barriers that exacerbate the severity of their comorbid
illnesses. The company’s integrated intervention platform uses AI,
predictive analytics and digital interfaces combined with dozens of
care coach engagements to deliver improved member health, better
healthcare system utilization, and durable outcomes and savings to
healthcare payors.
Learn more at www.ontrakhealth.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230727241065/en/
For Investors: Ryan Halsted
Gilmartin Group investors@ontrakhealth.com
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