Hancock Jaffe Laboratories, Inc. (NASDAQ: HJLI), a company that manufactures medical devices used to treat heart problems, publicized that its Board of Directors has agreed to a reverse stock split of its shares of common stock. The reported split was confirmed at a special meeting of shareholders and will be effective at 12.01 a.m. ET on 30th Nov 2020.
25 shares of common and outstanding stock will be merged into a single share of common stock issued and outstanding. The face value i.e. $0.00001 will remain the same and fractional shares will be rounded off to the nearest whole share.
Registered stockholders having pre-split shares of HLJI’S common stock electronically in book-entry form are not obligated to take any action to get post-split shares. Positions will be automatically set for shareholders that have acquired stock through a stockbroker or any other third party such as a trust, nominee, or bank to display the split.
The firm shares will be open for trading on The NASDAQ Capital Market under the current trading symbol “HJLI” and it is foreseen that the decision will aid in improving the market price per share and fulfill the listing condition required to trade on the NASDAQ.