In a strategic move to fortify its position in the market, Vivos Therapeutics, a pioneering medical technology company specializing in groundbreaking treatments for mild-to-moderate obstructive sleep apnea (“OSA”) and snoring in adults, has announced the implementation of a 1-for-25 reverse stock split, effective with the commencement of trading today. Consequently, the stock of Vivos Therapeutics is experiencing a decline in value.
At the time of this publication, Vivos Therapeutics Inc stock (VVOS) has witnessed a decline.
Vivos Therapeutics Inc
Current Price: $4.38
Change : -2.10
Change (%): (-32.41%)
Volume: 157.3K
Source: Tomorrow Events Market Data
Vivos’ Common Stock will continue to be listed on the Nasdaq Capital Market (“Nasdaq”) under the symbol “VVOS”. The new CUSIP number for the Common Stock following the Reverse Stock Split will be 92859E207.
This strategic move was greenlit at Vivos’ 2023 Annual Meeting of Stockholders held on September 22, 2023. During this meeting, Vivos’ stockholders approved a proposal to authorize a reverse stock split of the Common Stock, with the specific ratio (between 1-for-10 and 1-for-30) left to the discretion of Vivos’ board of directors.
The key impacts of the Reverse Stock Split are:
– Twenty-five (25) shares of the issued and outstanding Common Stock have been consolidated into one (1) share of Common Stock.
– The total number of outstanding shares of Common Stock has been proportionally reduced from 29,928,786 shares to approximately 1,197,151 shares.
It’s important to note that the Reverse Stock Split will not affect the total number of Vivos’ authorized shares of Common Stock. The ownership percentage of each Vivos stockholder will remain unaltered, except for fractional shares. No fractional shares of Common Stock will be issued; instead, they will be rounded up to the nearest whole share.
Furthermore, the number of shares of Common Stock available for issuance under the Company’s equity incentive plans, along with the Common Stock issuable pursuant to outstanding equity awards and common stock purchase warrants, will be adjusted in proportion to the Reverse Stock Split. The exercise prices of these outstanding options and warrants will also be modified in accordance with their respective terms.
To effectuate this Reverse Stock Split, Vivos filed a Certificate of Amendment to its Certificate of Incorporation, as amended, which was duly accepted for filing by the Secretary of State of the State of Delaware on Wednesday, October 25, 2023.
Among its various objectives, the Reverse Stock Split is primarily aimed at ensuring Vivos’ compliance with the $1.00 minimum bid price requirement for maintaining the listing of its Common Stock on the Nasdaq Capital Market. This move also aims to enhance the attractiveness of the prevailing prices of the Common Stock to a wider group of institutional investors. Vivos anticipates that it will regain compliance with Nasdaq’s minimum bid price requirement if the Common Stock maintains a trading value significantly above $1.00 for ten consecutive trading days following the implementation of the Reverse Stock Split.
The consolidation and reduction in the number of issued shares of Common Stock, a direct result of the Reverse Stock Split, were executed seamlessly on Wednesday, October 25, 2023, without necessitating any additional action from Vivos’ stockholders. Vivos’ transfer agent, VStock Transfer LLC, is overseeing the exchange process for the Reverse Stock Split and will furnish each stockholder with a transaction statement indicating their updated holdings of Common Stock post the Reverse Stock Split. Stockholders with holdings through brokers, banks, trusts, or other nominees will have their positions automatically adjusted in line with the Reverse Stock Split, subject to their respective broker’s operational protocols. No further action is required from these stockholders in connection with this process.
