Biomerica, Inc. announced it will implement a 1-for-8 reverse stock split of its issued and outstanding common stock, effective at 12:01 a.m. Eastern time on April 21, 2025. The company's common stock is expected to begin trading on a split-adjusted basis when the market opens on Monday, April 21, 2025, under the symbol 'BMRA' on The Nasdaq Capital Market. The new CUSIP number for the common stock will be 09061H406.
The Reverse Stock Split is intended to increase the bid price of the common stock to enable Biomerica to regain compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market. Biomerica’s stockholders authorized the reverse stock split at the 2024 Annual Meeting of the Stockholders held on December 13, 2024, with the final ratio determined by the Board of Directors. This action is crucial for maintaining the company's listing status.
As a result of the Reverse Stock Split, every 8 shares of Biomerica’s pre-split common stock will be automatically reclassified and converted into one new share. This will reduce the number of shares outstanding from approximately 20,366,095 million shares to about 2,545,762 million shares. Stockholders entitled to receive a fractional share will have their fractional interests rounded up to the next whole share.
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