Autonomix Medical Completes One-for-Twenty Reverse Stock Split

On November 4, 2024, Autonomix Medical, Inc. (NASDAQ: AMIX) filed a Form 8-K with the Securities and Exchange Commission, disclosing the completion of a one-for-twenty reverse stock split of its common stock. Following the approval of the reverse stock split, the company confirmed that no fractional shares would be issued and that it would provide one full share of post-reverse stock split common stock to any shareholder entitled to a fractional share.

Subsequently, on November 1, 2024, Autonomix Medical received notice from DTCC, on behalf of brokerage firms holding shares of the company’s common stock in “street name,” indicating that the rounding of shares required the issuance of 271,846 shares of common stock. Prior to the required announcement of the reverse stock split on October 22, 2024, the company estimated around 4,800 shareholders of record.

Upon reviewing the situation, Autonomix Medical expressed skepticism regarding the accuracy of the number of shares requested, citing historical shareholder numbers and similar occurrences in recent reverse stock split processes at other companies. As a result, the company has initiated an inquiry into the calculations outlined in the request. During this investigative phase, Autonomix Medical has decided to withhold the issuance of shares related to the fractional shares request.

Should it be determined that the issuance of common stock is obligatory, the company recognizes potential liability it could face for failure to comply. Autonomix Medical is actively engaged in assessing this matter.

This report signifies the ongoing diligence of Autonomix Medical in upholding accurate and transparent practices in its financial operations and shareholder communications. For more details on the matter, interested parties are encouraged to consult the official filing on the SEC’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Autonomix Medical’s 8K filing here.

Autonomix Medical Company Profile

Autonomix Medical, Inc, a development stage medical device development company, focuses on advancing technologies for sensing and treating disorders relating to the peripheral nervous system. Its technology platform includes a catheter-based microchip-enabled sensing array to detect and differentiate peripheral neural signals.