Bionik Labs pulls trigger on 1-for-150 reverse split

Robotic rehabilitation device developer Bionik Laboratories said yesterday that it implemented a 1-for-150 reverse split of its stock.

The ratio was agreed upon by the Toronto-based company’s board of directors, and is intended to satisfy the minimum stock price requirement of the Nasdaq Capital Market.

“The completion of the reverse stock split is an integral step in the process of pursuing a successful listing on Nasdaq. We believe that listing on Nasdaq will expand awareness of the company among the investment community, and potentially provide avenues for additional sources of funding as we work to execute our growth strategy,” Bionik CEO Dr. Eric Dusseux said in a prepared statement.

Bionik Laboratories said that before the split, there were approximately 350.6 million shares issued and outstanding, and that it expects there to be approximately 2.3 million shares post-split. The company also had approximately 41 million exchangeable shares issued and outstanding, and expects there to be approximately 273,575 such shares following the split.

In August, Bionik Labs said that it integrated Amazon‘s (NSDQ:AMZN) Echo and Alexa voice technology into its Arke lower body exoskeleton.

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