Reverse split brings Skyline Medical back into NASDAQ’s good graces

Skyline Medical said today that it is once again in full compliance with the NASDAQ and will continue to be listed on the exchange.

The Minneapolis, Minn.-based company said it received notice from the NASDAQ that it “the company has evidenced full compliance with all requirements for continued listing on The NASDAQ Capital Market,” according to a press release.

Skyline Medical undertook a 1-for-25 reverse split of its stock last October as it sought to get back into the good graces of the NASDAQ, reducing its number of shares from 98.3 million to 3.9 million.

Shareholders approved the reverse split in September, a long with a measure doubling the number of authorized shares of common stock.

In late January its shareholders agreed to another amendment which would increase shares of common stock, this time from 8 million to 24 million. The decision was made at a special meeting of stockholders which January 26, according to the company.

Last November, Skyline Medical said it closed a $2 million offering, with funds slated to support general corporate purposes.

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