Avalon GloboCare Corp. (NASDAQ:ALBT), a Delaware-based company specializing in biological products, has announced a reverse stock split and a decrease in the number of authorized shares. The reverse stock split was executed at a ratio of 1-for-15, and the total number of shares available for issuance has been reduced from 490 million to 100 million.
The changes were approved by stockholders at the company's virtual annual meeting held on October 7, 2024. Following this approval, the company filed a certificate of amendment with the Secretary of State of Delaware on October 23, 2024, which went into effect at 5:00 PM ET on October 25, 2024.
In other recent news, Avalon GloboCare Corp. has announced a 1-for-15 reverse stock split to bring the company's stock back into compliance with the Nasdaq Capital Market's minimum bid price requirement. This strategic move will reduce the total number of Avalon's outstanding common shares from approximately 16.0 million to about 1.1 million.
The company also disclosed key outcomes from its annual meeting of stockholders, including the election of seven directors to the company's board and the approval of M&K CPAS, PLLC as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024.
Shareholders also approved the issuance of common stock exceeding 19.99% of the outstanding shares. In other significant developments, Avalon GloboCare announced the U.S. launch of its KetoAir™ breathalyzer, a device aimed at ketogenic health management. The company has also reported a change in its independent registered public accounting firm, with the dismissal of Marcum LLP and the appointment of M&K CPAS, PLLC.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on Avalon GloboCare Corp.'s (NASDAQ:ALBT) financial situation and market performance, providing context to the company's recent reverse stock split and share reduction.
According to InvestingPro, ALBT has experienced significant price volatility, with a strong 44.78% return over the last week and a 32.1% return over the last month. This recent uptrend contrasts with the stock's poor long-term performance, as it has fallen significantly over the last year (-54.06%) and the last three months (-25.15%).
InvestingPro Tips highlight that ALBT is not profitable over the last twelve months, with a negative P/E ratio of -0.3. The company's revenue for the last twelve months stands at -$7.53 million, with a concerning revenue growth of -719.79% over the same period. These figures underscore the financial challenges that may have prompted the company's recent corporate actions.
It's worth noting that InvestingPro offers 10 additional tips for ALBT, providing investors with a more comprehensive analysis of the company's financial health and market position. For those seeking a deeper understanding of Avalon GloboCare's prospects following its reverse stock split, exploring these additional insights could be valuable.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.