Integrity Applications Inc. (NASDAQ:IGAP) up 8% in a week. The company announced the implementation of one for 13 reverse stock split for its outstanding and issued common stock shares. The reverse split will be effective before the market opens on Friday, August 13, 2021.
The company’s shareholders approved the reverse split at the Annual Stockholders’ Meeting on March 24, 2021. In addition, the board of directors approved the reverse stock split implementation on July 28, 2021, and determined that the 1 for 13 reverse stock split ratio was ideal.
The company is implementing the reverse stock split in connection with its Nasdaq Capital Markets uplisting application. The reverse split intends to fulfill Nasdaq’s stock price listing requirements, requiring the price to be more than $4 before listing. However, there is no assurance that the company will meet other Nasdaq listing requirements or the uplist application will receive approval. So, in the coming weeks, IGAP is a stock to watch.
Market Reaction:
On Thursday, IGAP stock gained 2% at $0.50 with more than 23k shares, compared to its average volume of 9K shares. The stock has moved within a range of $0.4700 – 0.5000 after opening the trade at $0.49.
