Skyline Medical mulls reverse split to cure stock exchange woes

Skyline Medical is considering a reverse stock split, as well as nearly doubling the amount of shares on the market in response to a letter from the Nasdaq Stock Exchange threatening to de-list the company.

The Eagan, Minn.-based company will consider both options at an upcoming special meeting of stockholders in September as it looks to avoid delisting and boost its market presence.

Skyline said it is considering a reverse stock split at a ratio between 1-for-2 and 1-for-25 as it looks to boost its stock price above the minimum $1.00, according to an SEC filing.

To boost the market value of the company’s securities above the $35 million Nasdaq threshold, Skyline said it is considering a proposal that would increase its authorized common stock double-fold, from 100 million shares to 200.

While the company said it has until October 10 to regain compliance, it added that if it does not meet the deadline, it may be eligible for additional time.

In May, Skyline medical said that prez and CEO Joshua Kornberg stepped away from his roles at the company and is being replaced by Carl Schwartz, who will serve as interim chief executive.

Prior to his time at Skyline, Schwartz served on the board of Delta Dental and Liberty Mutual Insurance.

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