Aytu BioScience Inc. implemented a 1-for-20 reverse split of its common stock, effective Aug. 10, to regain compliance with a Nasdaq Capital Market listing rule.
The Englewood, Colo.-based specialty healthcare company said its stock will begin trading on a split-adjusted basis on Aug. 13.
The reverse stock split, which was approved by the company's stockholders in June, will reduce the number of outstanding common stock to about 1.8 million shares from about 35.9 million shares.
In April, Aytu received a noncompliance notice from Nasdaq Stock Market for failing to meet the $1 minimum bid price listing requirement. The company has 180 days to achieve compliance.
V Stock Transfer LLC is acting as the exchange agent for the reverse stock split.