NEWTOWN, Pa., Jan. 03, 2018 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (TSX:HSM) (TSX:HSM.WT) (OTCQB:HSDT), a medical technology company focused on neurological wellness, announced today that its board of directors has approved a reverse stock split at a ratio of five (5) shares of Class A common stock of the Company, no par value per share for one (1) share of Common Stock. The Reverse Split will be effective on or shortly following 5:00 pm EST on January 22, 2018, pursuant to the filing of articles of amendment to the Company’s articles of incorporation. The Company’s common stock will begin trading on a split-adjusted basis on January 23, 2018 under the existing trading symbols. The Reverse Split was previously approved by the shareholders of the Company at the Annual Meeting of the Shareholders of the Company held on June 5, 2017.
As a result of the Reverse Split, each 5 pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of the holders, and the number of outstanding common shares will be reduced from approximately 101 million shares to approximately 20 million shares. The Reverse Split will also apply to common stock issuable upon the exercise of the company’s outstanding stock options and warrants. No fractional shares of common stock will be issued as a result of the reverse stock split. Stockholders of record who would otherwise be entitled to receive a fractional share will receive a cash payment in lieu thereof.
The Company’s transfer agent Computershare will act as exchange agent for the Reverse Split. Shareholders owning shares via a bank, broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, and will not be required to take further action in connection with the reverse stock split, subject to brokers' particular processes. For those shareholders holding physical stock certificates, Computershare will send instructions for exchanging those certificates for shares held in book-entry form representing the post-split number of shares. Computershare can be reached at 604-661-9549.
"The reverse split represents a significant milestone for Helius and another step driving long-term shareholder value," commented Phil Deschamps, the Company’s Chief Executive Officer.
Additional information pertaining to the Reverse Split, if implemented, will be set forth in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission. The board of directors of the Company may elect to abandon the Reverse Split at any time before the articles of amendment to its articles of incorporation are filed with the State of Wyoming.
About Helius Medical Technologies, Inc.
Helius Medical Technologies is a medical technology company focused on neurological wellness. Helius seeks to develop, license and acquire unique and non-invasive platform technologies that amplify the brain’s ability to heal itself. Helius intends to file for FDA clearance for the PoNS™ device. For more information, please visit www.heliusmedical.com.
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