Summary by Moomoo AI
Aclarion, Inc. has announced the completion of a reverse stock split of its common stock at a ratio of one-for-sixteen, effective as of 5:00 P.M. Eastern Time on January 3, 2024. The reverse stock split resulted in the reduction of the company's issued and outstanding shares from approximately 13.4 million to approximately 840,000, while the number of authorized shares remained unchanged at 200 million. The split-adjusted trading on the Nasdaq commenced on January 4, 2024, with a new CUSIP number for the common stock. This corporate action also affects the company's outstanding warrants, stock options, and restricted stock units, with proportional adjustments to the number of shares into which these securities are convertible or exercisable, as well as their exercise prices. The decision for the reverse stock split was previously approved by Aclarion's board and stockholders in early 2023, with the final ratio determined by the board without further stockholder approval.