The Israel-based company said its stockholders approved a reverse stock split yesterday at a ratio in the range of 1-for-25 to 1-for-50.
Trading under a split adjusted basis on the NYSE began today, the company said, noting that the number of shares of common stock issuable upon exercise or vesting of outstanding stock options and warrants will be rounded to the nearest whole share, according to an SEC filing.
The number of authorized shares in InspireMD will remain at 150 million, with the number of outstanding shares being reduced from approximately 58.6 million to 1.7 million. No fractional shares will be issued following the split, the company said.
Last December, InspireMD released two-year results from the Paradigm 101 clinical study of its CGuard embolic protection system.