STRATA Skin Sciences Inc. is implementing a 1-for-5 reverse stock split of its common shares, effective 5 p.m. ET April 6.
The shares will start trading on a split-adjusted basis and outstanding common shares will decrease to about 2.2 million from about 10.9 million at the opening of trading on April 7.
STRATA said the split's purpose is to regain compliance with the Nasdaq Capital Market's $1 minimum bid price listing requirement. It has until April 24 to regain compliance and has submitted written notice to Nasdaq of its intention to cure the minimum bid price deficiency by effecting the split.
American Stock Transfer & Trust Co. LLC is the company's transfer agent and will act as the exchange agent for the split.