OptimizeRx Corp. implemented a 1-for-3 reverse split of its common stock to qualify for listing on the Nasdaq Capital Market.
The reverse split reduced OptimizeRx's issued and outstanding common shares to 11,546,000 from 34,636,811.
Following the split, Nasdaq will review the company's listing application. OptimizeRx said there is no assurance the exchange will approve its application.
The company believes trading on Nasdaq will help increase its appeal to retail and institutional investors, expanding its shareholder base.
Rochester, Mich.-based OptimizeRx is an OTCQB-listed provider of digital health messaging for the pharmaceutical industry.