CardioDynamics, a provider of impedance cardiography technology, reported that its shareholders approved the reverse split of 1 for 7 shares of its common stock at its annual shareholders meeting.
The company said its common stock began trading May 9 on the Nasdaq Capital Market on a split-adjusted basis. The San Diego-based company said its stock will trade under the symbol CDICD for a period of approximately 20 trading days, following the implementation of the reverse split to denote the reverse split, after which time, the trading symbol will revert to CDIC.
In the reverse split, each seven shares of CardioDynamics common stock issued and outstanding will be combined into one share of common stock, which initially should have the effect of proportionately increasing the stock price. Following the reverse split, the total number of shares outstanding will be reduced to approximately 7.2 million shares, CardioDynamics said.
“The approval will help us maintain our Nasdaq listing, improves our capital structure and has the potential to attract a greater level of interest among investors and analysts,” said Michael K. Perry, CEO of CardioDynamics.