Second Sight Medical Products Inc. completed a reverse stock split of its shares at a 1-for-8 ratio, effective Jan. 6.
The Sylmar, Calif.-based medical-device maker hopes to maintain its compliance with Nasdaq's $1 minimum bid price listing requirement through the reverse split.
The split merges every eight shares of the company into one, bringing its issued and outstanding shares from about 125.1 million to 15.6 million and reducing its outstanding warrants from approximately 61.4 million to 7.7 million.
The reverse stock split will adjust shares and warrants of current holders to maintain their percentage ownership of securities. No fractional shares will be issued post-split.
VStock Transfer LLC was the transfer agent for the reverse stock split.
Second Sight develops and commercializes visual prosthetics for blind and sight-impaired individuals.