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VirtualScopics Inc.’s shares underwent a 1-for-10 reverse split late Wednesday afternoon.
As a result of the stock split, 10 shares of the medical image analysis company’s outstanding common stock will be combined into one share, without any change to the par value per share, VirtualScopics said.
VirtualScopics’ stock (NasdaqCM: VSCP) was trading at $5.75 early Thursday afternoon. It had closed Wednesday at 52 cents a share, prior to the split.
The firm’s shares will continue to trade under the symbol VSCP on a split-adjusted basis on the Nasdaq capital market. VirtualScopics’ board decided in favor of a stock split to help the company regain compliance with the minimum $1 bid price per share requirement for continued listing on Nasdaq.
The company said it does not believe it will regain compliance by Aug. 26, the deadline set by Nasdaq, and, as a result, it might receive a delisting notice. VirtualScopics expects to appeal any such notice, which would stay the delisting pending outcome of the appeal.
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