Business
INVO Bioscience Announces 1-for-20 Reverse Stock Split
SARASOTA, Fla., May 22, 2020 /PRNewswire/ -- INVO Bioscience, Inc. (OTCQB: INVO), a medical device company focused on creating alternative treatments for
About this update from Invo Fertility, Inc.
[{"type":"text","content":"SARASOTA, Fla., May 22, 2020 /PRNewswire/ -- INVO Bioscience, Inc. (OTCQB: INVO), a medical device company focused on creating alternative treatments for patients diagnosed with infertility and developers of INVOcell®, the world's only in vivo Intravaginal Culture System, announced today that it will effect a 1-for-20 reverse stock split, previously approved by the Company's Board of Directors pursuant to the authority granted by the Company's stockholders at the Company's annual shareholder meeting held on December 16, 2019 for a reverse split at a ratio of between 1-for 5 and 1-for-25, with discretion for the exact ratio to be approved by the Company's board of directors. The Company's common stock will begin trading on a split-adjusted basis on Tuesday, May 26, 2020 under the symbol \"INVOD.\" After 20 trading days, the symbol will revert back to \"INVO.\" The new CUSIP number for the Company's common stock following the reverse stock split is 44984F 203.\n\n \n \n \n \n \n \n\n \nSteve Shum, Chief Executive Officer of INVO Bioscience, stated, \"As we continue to improve our commercialization activities and expand the awareness of our FDA-cleared INVOcell device both domestically and abroad, we also set the objective to improve the capitalization structure of the company in order to enhance our public company visibility and attractive a larger audience of investors. Today's announcement is an important step in that process.\"\nUpon the effectiveness of the reverse stock split, every 20 shares of the Company's issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock. The par value per share remains the same and the reverse stock split will not modify the rights or preferences of the common stock. No fractional shares will be issued; the Company will round up any fractional share resulting from the reverse stock split to the nearest whole share. In addition to reducing the shares of common stock outstanding, the reverse stock split will effect a reduction in the number of shares of common stock issuable upon the exercise of stock options, warrants and unit purchase options and conversion of convertible notes outstanding immediately prior to the reverse stock split, with a proportional increase in the respective exercise/conversion prices.\nThe Company...