On February 22, 2017, at 5:00 pm, Eastern Time, Rennova Health Inc (NASDAQ:RNVA) will be effecting a 1 for 30 reverse stock split of its outstanding common stock. The company will then open its common stock for trading on The Capital Market on February 23, 2017, which will be on a post-split basis. As a result of the reverse split, the company’s per share trading price of the common stock is expected to increase so as to satisfy the $1.00 minimum bid price requirement. This is the only way it will have the surety of continued listing on The Capital Market.
Consolidation of every 30 shares of common stock
The reverse stock split will initiate consolidation of the Company’s common stock issued and outstanding. Every 30 shares of common stock will be put into one issued and outstanding share. However, this will not be the case if the reverse stock split results into having the Company’s stockholders possessing a fractional share. In the latter scenario, they will be rounded up to the next highest whole share.
The opening of the markets on February 23, 2017, will see continued trading of RNVA’s common stock under the present trading symbol “RNVA” and under a new CUSIP identification number. There is a speculated reduction of the number of shares of the Company’s common stock outstanding as a result of the reverse stock. However, this will purely be on the basis of the number of shares currently outstanding. The reduction will from an approximation of 152.0 million pre-reverse split shares to 5.1 million post-reverse split.
Let’s explore Rennova Health, Inc
The Company is well known because of its provision of supportive software solutions to healthcare providers. It has efficient delivery and effective patient experience, which results in superior clinical outcomes. It is one of those industry players that is seeking to collaborate with strategic brands in an effort to empower customers and create a solid platform for the next generation of healthcare.
Meanwhile, Rennova’s stock closed at $0.0627 a fall of $0.0068 or 9.78%.