Wound Management Tech shareholders approve 1-for-100 reverse split, name change to Sanara Medtech

Wound Management Tech

Wound Management Technologies (OTC:WNDM) said this week that its shareholders approved a 1-for-100 reverse split of its stock and a name change to Sanara MedTech.

The Fort Worth, Texas-based company said that through the split, each shareholder of the company will receive a single share of common stock for every 100 shares they previously held, with a cash payment provided for fractions of shares dependent upon market price of the stock the day before it becomes effective.

Wound Management Tech said that upon completion of the reverse stock split, the total authorized capital stock of the company will be reduced to 20 million shares while the number of preferred stock shares will be reduced to 2 million.

“The reverse stock split is intended to increase the per share trading price of the company’s shares to increase the appeal of our common stock to the financial community and investing public, as well as give us more flexibility with our listing status,” CFO Mike McNeil said in a press release.

The company also announced a name change to Sanara Medtech.

“Sanara comes from the Latin word ‘sana’ meaning ‘heal’ in English. The name reflects our commitment to provide an expanded portfolio of products for patients to benefit from reduced pain and faster healing outcomes,” CEO Mike Carmena said in a prepared statement.

Wound Management said that it expects both the name change and reverse split to take effect near the end of April or May of this year.

Last week, Wound Management Tech said that it closed a deal to acquire the remaining 50% stake in the Cellerate joint venture it launched last September with The Catalyst Group.

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Wound Management buys out remaining 50% stake in Cellerate

Wound Management Tech

Wound Management Technologies (OTC:WNDM) said yesterday that it closed a deal to acquire the remaining 50% stake in the Cellerate joint venture it launched last September with The Catalyst Group.

Prior to the acquisition, Wound Management Technologies and The Catalyst Group’s CGI Cellerate RX affiliate had owned equal shares in the spun-out company.

The Cellerate JV maintains an exclusive sublicense to distribute the CellerateRX activated collagen adjuvant into wound care markets in the U.S., Canada and Mexico.

Fort Worth, Texas.-based Wound Management Tech said that Cellerate will now act as a wholly owned subsidiary and will report its financial results on a consolidated basis beginning March 15.

The deal was funded by the issuance of approximately 1.1 million shares of Wound Management Tech’s Series F convertible preferred stock, the company said. Each share of Series F preferred stock can be converted at any time into 200 shares of common stock, according to an SEC filing.

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