MedAdvisor Ltd., an Australian company developing software for medication management, recommended a 1-for-7 consolidation of its issued shares to the company's shareholders.
The consolidation will help the company position itself as it expands internationally, MedAdvisor said in a news release. MedAdvisor raised A$17 million on Oct. 8 via a placement of common shares to institutional investors to boost its international expansion.
Shareholders will decide whether to approve the consolidation or not at the company's annual meeting on Nov. 18.
If shareholders approve the action, MedAdvisor's issued capital will be reduced to about 196 million shares from about 1.72 billion shares.