Aclarion Announces Reverse Stock Split

BROOMFIELD, CO, Jan. 02, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Aclarion, Inc. (“Aclarion” or the “Company”) (Nasdaq: ACON, ACONW), a healthcare technology company that is leveraging biomarkers and proprietary augmented intelligence algorithms to help physicians identify the location of chronic low back pain, today announced that effective before market open on Thursday January 4, 2024, it will complete a 1-for-16 reverse stock split of its common stock.

On March 24, 2023, the Company’s stockholders approved an amendment to the Company’s Certificate of Incorporation to affect a reverse stock split with the exact ratio to be set by its Board of Directors. The Board resolved to set the reverse stock split at the ratio of 1-for-16. The Company filed an amendment to its Certificate of Incorporation with the Secretary of State in Delaware effective January 3, 2024, at 5:00 p.m. Eastern Time. As a result, every sixteen (16) issued shares of common stock will automatically be combined into one share of common stock.

The Company believes that affecting the reverse stock split will assist in its efforts to meet the Nasdaq continued listing standards and to continue to have its common stock remain listed and traded on Nasdaq. In particular, the Company expects the reverse stock split to increase the per share price and bid price of its common stock above the $1.00 required by Nasdaq’s Minimum Bid Price Rule.

Shares of the Company’s common stock will be assigned a new CUSIP number (655187201) and are expected to begin trading on a split-adjusted basis on Thursday, January 4, 2024.

The reverse stock split will not change the authorized number of shares of the Company’s common stock. No fractional shares will be issued and any fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share. Therefore, stockholders with less than 16 shares will receive one share of stock.

The reverse stock split will apply to the Company’s outstanding warrants, stock options and restricted stock units.  The number of shares of common stock into which these outstanding securities are convertible or exercisable will be adjusted proportionately as a result of the reverse stock split.  The exercise prices of any outstanding warrants or stock options will also be proportionately adjusted in accordance with the terms of those securities and the Company’s equity incentive plans.