- Hearing aid maker Eargo, Inc. ( NASDAQ: EAR ) announced Wednesday that its common stock would start trading on a split-adjusted basis when the market opens on Wednesday, Jan. 18, following a 1-for-20 reverse stock split.
- Accordingly, every 20 shares of Eargo’s ( EAR ) issued and outstanding common stock will be converted to one such unit.
- No fractional shares will be issued as part of the reverse stock split, and the company said those entitled to receive fractional shares of EAR common stock would instead be able to receive cash.
- The corporate action will have the same impact on all Eargo ( EAR ) investors. It will not change any stockholder’s ownership percentage in the company except for adjustments related to fractional shares.
- While Eargo ( EAR ) has lost ~89% over the past 12 months, the company shares spiked following the FDA decision to allow the over-the-counter sale of some hearing aids in August.
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Eargo announces 1-for-20 reverse stock split