THE WOODLANDS, TX - Autonomix Medical, Inc. (NASDAQ:AMIX), a medical device company specializing in precision nerve-targeted treatments, has announced a 1-for-20 reverse stock split of its common stock. The split is scheduled to take effect at the close of business on October 24, 2024, with trading on a post-split basis to commence the following day on The Nasdaq Capital Market under the same ticker symbol "AMIX" but with a new CUSIP number.
Following the reverse stock split, every 20 shares of Autonomix's issued and outstanding common stock will be converted into one share. The par value per share will remain unchanged at $0.001. The company has stated that no fractional shares will be issued; shareholders who would receive a fraction of a share will have their holdings rounded up to the nearest whole number.
This action will reduce the number of outstanding shares from approximately 23.0 million to about 1.15 million. However, the total number of authorized shares of common stock will continue to be 500 million. Shares reserved for issuance under the company's equity compensation plan will also be proportionally adjusted.
Autonomix Medical, Inc. is known for its development of a catheter-based microchip sensing array, which is said to have significantly greater sensitivity than current technologies for detecting and differentiating neural signals. The company is focusing its efforts on using this technology for the treatment of pain associated with pancreatic cancer, among other potential applications. It is important to note that Autonomix's technology is still investigational and has not been cleared for marketing in the United States.
The information in this article is based on a press release statement from Autonomix Medical, Inc. Forward-looking statements from the company include the timing and successful execution of the reverse stock split, and are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
In other recent news, Autonomix Medical has seen significant developments. Among the highlights, the company ratified Forvis Mazars, LLP as its independent registered public accounting firm for the fiscal year ending March 31, 2025, and approved a reverse stock split of the company’s common stock. The board of directors was also re-elected, with Brad Hauser assuming the role of CEO and former CEO Lori Bisson transitioning to Executive Vice Chairman of the Board.
Autonomix Medical has also faced a potential delisting from the Nasdaq due to its stock not meeting the minimum bid price requirement for the last 30 consecutive business days, with a deadline until March 17, 2025, to regain compliance. However, the company has made strides in its clinical trial aimed at alleviating pancreatic cancer pain, with a 60% responder group reporting meaningful pain relief.
In addition, the company secured a license from RF Innovations for the Apex 6 Radiofrequency Generator technology, an FDA-cleared technology aimed at pain management, and is collaborating with NoiseFigure Research, Inc. to enhance its ASIC microchip, a crucial component of its technology. Furthermore, Autonomix has received Ethics Committee approval for a protocol amendment in its clinical trial. These are among the recent developments that reflect Autonomix's ongoing commitment to advancing its technology and improving treatments for neurological disorders.
InvestingPro Insights
As Autonomix Medical, Inc. (NASDAQ:AMIX) prepares for its 1-for-20 reverse stock split, investors should consider some key financial metrics and insights from InvestingPro. The company's market capitalization stands at a modest $11.89 million, reflecting its status as a small-cap medical device company in the development stage.
InvestingPro data reveals that AMIX's stock has faced significant headwinds, with a one-year price total return of -89.82% as of the latest available data. This steep decline aligns with one of the InvestingPro Tips, which notes that the stock has "taken a big hit over the last six months." The upcoming reverse split appears to be a strategic move to address this downward trend and potentially improve the stock's marketability.
Another relevant InvestingPro Tip highlights that AMIX "holds more cash than debt on its balance sheet," which could provide some financial flexibility as the company continues to develop its innovative catheter-based microchip sensing array. However, investors should also be aware that the company is "quickly burning through cash" and is "not profitable over the last twelve months," according to additional InvestingPro Tips.
For those seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for AMIX, providing a deeper understanding of the company's financial health and market position. These insights could be particularly valuable as investors assess the potential impact of the reverse stock split on Autonomix's future prospects.
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