STRATA Skin Sciences Announces 1-for-10 Reverse Stock Split

HORSHAM, Penn., April 26, 2024 (GLOBE NEWSWIRE) -- STRATA Skin Sciences, Inc. (“STRATA” or the “Company”) (NASDAQ: SSKN), a medical technology company dedicated to developing, commercializing, and marketing innovative products for the treatment of dermatologic conditions, announces that it will effect a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-10 that will become effective at 11:59 p.m. Eastern Time on June 6, 2024. The Company’s common stock will begin trading on Nasdaq on a split-adjusted basis when the market opens on June 7, 2024 under the existing symbol, SSKN, and under a new CUSIP number, 86272A 305. This reverse stock split is primarily intended to bring the Company into compliance with Nasdaq’s minimum bid price requirement for continued listing.

“On October 26, 2023, shareholders approved a proposal for a reverse split between a ratio of 1-for-5 and 1-for-25,” commented STRATA’s President and CEO Dr. Dolev Rafaeli. “We have until June 6, 2024 for the stock to trade above Nasdaq’s $1.00 per share minimum bid price rule before we would feel compelled to move forward with the reverse split. Today’s announcement of the exact reverse split ratio simply satisfies the requirement from that shareholder approval that we announce the proposed reverse split ratio by April 26, 2024.”

Upon effectiveness of the reverse stock split, every ten shares of the Company’s common stock issued and outstanding will be automatically combined into one share of common stock. Outstanding equity-based awards and other equity rights will be proportionately adjusted. No fractional shares will be issued as a result of the reverse stock split. Stockholders who would otherwise hold a fractional share as a result of the reverse stock split will receive an amount of cash equal to the product of (i) the fractional share to which the holder would otherwise be entitled and (ii) the closing price per share on the trading day immediately preceding the effective time of the reverse stock split (as adjusted to give effect to the reverse stock split), without interest.

The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity. Stockholders of record will be receiving information from Equiniti (formerly known as American Stock Transfer), the Company’s transfer agent, regarding their stock ownership following the reverse stock split.