FORT LAUDERDALE, Fla., Nov. 01, 2023 (GLOBE NEWSWIRE) -- Motus GI Holdings, Inc. (NASDAQ:MOTS) ("Motus GI" or the "Company"), a medical technology company focused on improving endoscopic outcomes and experiences, announced today that it will effect a 1-for-15 reverse stock split of its outstanding common stock. The Company's common stock will begin trading on a split-adjusted basis at the opening of the market on Thursday, November 2, 2023. The Company's common stock will continue to trade on the Nasdaq Capital Market under the symbol "MOTS" and under the new CUSIP number: 62014P504.
The reverse stock split is intended to increase the per share trading price of Motus GI's common stock to satisfy the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market (Rule 5550(a)(2)).
As a result of the reverse stock split, every fifteen pre-split shares of common stock outstanding will become one share of common stock. The reverse stock split will not change the authorized number of shares of the Company's common stock. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's equity, except to the extent that the reverse stock split results in some stockholders owning a fractional share. No fractional shares will be issued in connection with the reverse split. Stockholders who would otherwise be entitled to receive a fractional share will instead receive a cash payment based on the average closing price of the Company's common stock on the five (5) consecutive days leading up to the effective date of the reverse split. The reverse split will also apply to common stock issuable upon the exercise of Motus GI's outstanding warrants and stock options, with a proportionate adjustment to the exercise prices thereof, and under the Company's equity incentive plans.
The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 8.7 million to approximately 0.6 million.
On September 21, 2023, the stockholders of the Company approved the reverse stock split by a majority of the votes cast and gave the Company's board of directors discretionary authority to select a ratio for the split ranging from 1-for-2 to 1-for-20. The board of directors approved the reverse stock split at a ratio of 1-for-15 on October 27, 2023.
Continental Stock Transfer & Trust Company is acting as the exchange agent and transfer agent for the reverse stock split. Stockholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the reverse stock split. Beneficial holders are encouraged to contact their bank, broker or custodian with any procedural questions.
About Motus GI Holdings, Inc.
Motus GI Holdings, Inc. is a medical technology company, with subsidiaries in the U.S. and Israel, providing endoscopy solutions that improve clinical outcomes and enhance the cost-efficiency associated with the diagnosis and management of gastrointestinal conditions.
For more information, visit www.motusgi.com.
Forward-Looking Statements
This press release contains certain forward-looking statements. Forward-looking statements are based on the Company's current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," "predict," "project," "should," "would" and similar expressions and the negatives of those terms, including without limitation, statements relating to the reverse split, risks related to market and other conditions, risks inherent in the development and commercialization of potential products, possible or assumed future results of operations, business strategies, potential grow opportunities, uncertainty in the timing and results of clinical trials or regulatory approvals, maintenance of intellectual property rights or other risks discussed in the Company's quarterly and annual reports filed with the Securities and Exchange Commission, and its other filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Investor Contact:
Troy Williams
LifeSci Advisors
(518) 221-0106
twilliams@lifesciadvisors.com
