NeuroMetrix pulls trigger on 1-for-4 reverse stock split

NeuroMetrix (NSDQ:NURO) said it underwent a 1-for-4 reverse split of its common stock, effective today.

The move is being made to increase per share trading price to satisfy the NASDAQ Capital Market’s $1.00 minimum bid price requirement, NeuroMetrix said..

As a result, every 4 shares of the Waltham, Mass.-based company’s stock will be consolidated into 1 issued and outstanding share, and no fractional shares will be issued.

Shareholders who would be entitled to receive a fractional share will receive a cash payment in lieu thereof, the company said.

Trading will continue on the NASDAQ capital market on a split-adjusted basis, NeuroMetrix said.

American Stock Transfer & Trust Company will act as its exchange agent for the reverse split, and will provide shareholders with instructions for the exchange.

In August, NeuroMetrix released preliminary data from a clinical study of its Quell wearable pain relief device for patients with chronic pain.

The study found that 81% of the patients reported improvements in chronic pain levels and overall health after 60-days of using the device, NeuroMetrix said.

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