Summary by Moomoo AI
Cardio Diagnostics Holdings, Inc. (Cardio Diagnostics) has announced its plans to conduct a reverse stock split, subject to shareholder approval. The reverse stock split aims to increase the per-share trading price of the company's common stock to comply with the Nasdaq Capital Market's minimum bid price requirement. The proposed amendment to Cardio Diagnostics' Certificate of Incorporation would allow for a reverse stock split at a ratio between 1-for-5 and 1-for-40, with the exact ratio to be determined by the Board of Directors. The reverse stock split is intended to maintain the company's listing on the Nasdaq and make its stock more attractive to a broader range of investors. The Board of Directors has recommended the reverse stock split as being in the best interests of the company and its shareholders. The announcement also includes details about the upcoming annual meeting of stockholders, scheduled for November 15, 2024, where the reverse stock split will be put to a vote.
