Autonomix (Nasdaq:AMIX) announced today that it filed to effect a 1-for-20 reverse stock split of its common stock.
The Woodlands, Texas-based Autonomix plans for the split to take effect at 11:59 p.m. ET on Oct. 24, 2024. It plans for its common stock to open trading on the Nasdaq market on Oct. 25, 2024, on a post-split basis, under the current AMIX ticker.
As a result of the split, every 20 shares of the company’s common stock issued and outstanding prior to the opening of trading on Oct. 25, 2024, will be consolidated into one issued and outstanding share with no change in the nominal par value. The company plans to issue no fractional shares as a result of the reverse stock split. Those entitled to receive a fractional share instead can round up that fractional share to the nearest whole number.
Autonomix said the split results in the reduction of its shares of common stock outstanding from about 23 million to about 1.15 million. The number of authorized shares of common stock remains at 500 million shares. The company also plans to proportionately reduce the reserved shares under its equity compensation plan.
The company hopes its tissue ablation technology opens the door to a “novel, blockbuster disease treatment.” In January, Autonomix completed an animal study, leading to a currently ongoing proof-of-concept trial for its transvascular radiofrequency (RF) ablation technology to treat pancreatic cancer pain.
The company designed its catheter-based technology to perform two tasks. First, it senses neural signals associated with pain or disease. Then, it precisely targets those nerves for treatment.
