InspireMD pulls trigger on 10-for-1 reverse stock split

InspireMD (OTC:NSPR) said it pulled the trigger on a reverse 10-to-1 stock split with shareholders receiving 1 share of common stock for each 10 they own.

The reverse split went into effect today for the Boston-based stent maker, according to a press release. In response, Inspire shares are down 11.8% to $1.45 in mid-day trading.

The split reduced the amount of authorized shares from 125 million to 50 million, the company said.

Last November, InspireMD said it was seeking to raise roughly $8 million via a direct offering to help fund development of its MGuard and CGuard stent platforms.

The company said it agreed to sell approximately 6.2 million shares $1.30 each, plus warrants to purchase up to 3.1 million additional shares. Each purchased share included a warrant to buy 0.5 shares at a strike price of $1.75 apiece. The warrants are exercisable for a 42-month period starting 6 months after issuance.

Last October, InspireMD said it halted enrollment in a clinical trial of its flagship MGuard stent to focus on developing new drug-eluting stents with an unnamed strategic partner, abandoning plans to bring the MGuard device to the U.S. market.

InspireMD last June began re-introducing the MGuard Prime EPS in Europe after pulling it in 2013 and suspending the Master II trial due over the risk of the stent being dislodged during implantation.

The post InspireMD pulls trigger on 10-for-1 reverse stock split appeared first on MassDevice.

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