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BioCardia Effects 1-for-12 Reverse Stock Split

BioCardia ( BCDA ), a developer of comprehensive solutions for cardiovascular regenerative therapies, said it is effecting a reverse split of its common stock at a ratio of 1 for 12, starting Thursday.

The company's common stock will begin trading on a split-adjusted basis when the markets open today under the existing trading symbol BCDA.

As a result of the reverse split, each 12 pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of the holders, and the number of outstanding common shares will be reduced from approximately 458 million shares to approximately 38.2 million shares.

The reverse split will also apply to common stock issuable upon the exercise of the company's outstanding stock options.

In addition, the company also announced that the authorized common stock of the company will be decreased from 750 million to 100 million shares.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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