Vivos’ Common Stock will continue to trade on the Nasdaq Capital Market (“Nasdaq”) under the symbol “VVOS”. The new CUSIP number for the Common Stock following the Reverse Stock Split will be 92859E207.
The Reverse Stock Split was approved at Vivos’ 2023 Annual Meeting of Stockholders on
The material effects of the Reverse Stock Split are:
- Every twenty-five (25) shares of the issued and outstanding Common Stock has been combined into one (1) share of Common Stock.
- The number of outstanding shares of Common Stock has been proportionally reduced from 29,928,786 shares to approximately 1,197,151 shares.
- The Reverse Stock Split will not reduce the total number of Vivos’ authorized shares of Common Stock.
- The ownership percentage of each Vivos stockholder will remain unchanged, other than as a result of fractional shares. No fractional shares of Common Stock will be issued in connection with the Reverse Stock Split. Stockholders that would hold a fractional share of Common Stock as a result of the Reverse Stock Split will have such fractional shares of Common Stock rounded up to the nearest whole share of Common Stock.
- The number of shares of Common Stock available for issuance under the Company’s equity incentive plans and the Common Stock issuable pursuant to outstanding equity awards and common stock purchase warrants immediately prior to the Reverse Stock Split will be proportionately adjusted by the ratio of the Reverse Stock Split. The exercise prices of such outstanding options and warrants will also be adjusted in accordance with their respective terms.
To effectuate the Reverse Stock Split, Vivos filed a Certificate of Amendment to its Certificate of Incorporation, as amended, which was accepted for filing by the Secretary of State of the
Among other considerations, the Reverse Stock Split is intended to bring Vivos into compliance with the
The combination of, and reduction in, the number of issued shares of Common Stock as a result of the Reverse Stock Split occurred automatically on
Additional information regarding the Reverse Stock Split can be found in a Current Report on Form 8-K that Vivos will file with the
About
The Vivos Method includes the Vivos Complete Airway Repositioning and/or Expansion (“CARE”) appliance therapy and associated protocols that alter the size, shape and position of the soft tissues that comprise a patient’s upper airway and/or palate. The Vivos Method opens airway space and may significantly reduce symptoms and conditions associated with mild-to-moderate OSA, such as lowering Apnea Hypopnea Index scores. Vivos also markets and distributes SleepImage diagnostic technology under its VivoScore program for home sleep testing in adults and children. The Vivos Integrated Practice (“VIP”) program offers dentists training and other value-added services in connection with using The Vivos Method.
For more information, visit www.vivos.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, particularly with respect to the Reverse Stock Split and the Company’s ability to comply with Nasdaq Listing Standards described herein. Words such as “aim,” “expect,” “may,” “could," “should”, “expect,” “project,” “intend,” “plan,” “believe,” “predict,” “anticipates,” “hopeful,” “estimate” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon several assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company’s control. Actual results (including, without limitation, the anticipated benefits of the Reverse Stock Split, including the effect the Reverse Stock Split will have on the Company’s ability to regain compliance with the Nasdaq Listing standards and its separate ability to comply with Nasdaq’s
Vivos Investor Relations Contact:
Investor Relations Officer
720-442-8113
jgannon@vivoslife.com
Source:
2023 GlobeNewswire, Inc., source