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Avalon GloboCare Corp. ("Avalon" or the "Company") (NASDAQ:ALBT), a developer of innovative precision diagnostics and laboratory services, today announced that it will effect a 1-for-15 reverse split ("reverse split") of its common shares that will become effective on October 28, 2024. The Company expects that the reverse stock split will allow the Company to regain compliance with the $1.00 minimum bid price requirement of the Nasdaq Capital Market.
Avalon GloboCare's common shares will continue to trade on Nasdaq under the symbol "ALBT" and will begin trading on a split-adjusted basis when the market opens on October 28, 2024. The new CUSIP number for the common shares following the reverse split will be 05344R302. The reverse split will reduce the number of outstanding shares of the Company's common shares from approximately 16.0 million shares to approximately 1.1 million shares.
Posted In: ALBT
