MRI Interventions, Inc. Announces Reverse Stock Split
OTC Ticker Symbol Changed to “MRICD” for the Next 20 Business Days
IRVINE, Calif., July 27, 2016 (GLOBE NEWSWIRE) -- MRI Interventions, Inc. (OTCQB:MRICD) today announced that it has effected a 1-for-40 reverse stock split of the shares of its common stock. As previously announced, the reverse stock split is intended to permit the company to meet one of the listing criteria for The Nasdaq Capital Market as a component of the company’s financing strategy, however there can be no assurance that the company will be able to satisfy all of the listing criteria.
The reverse stock split reduced the number of shares of common stock outstanding from approximately 96.1 million shares to approximately 2.4 million shares, subject to adjustment for the payment of cash in lieu of fractional shares. The number of authorized shares of common stock under the company’s Certificate of Incorporation did not change. In addition, proportionate adjustments will be made to the per share exercise price of, and the number of shares underlying, all outstanding options and warrants to purchase shares of common stock, and the number of shares reserved for issuance pursuant to the company’s equity compensation plans will be reduced proportionately.
As a result of the reverse stock split, the company’s ticker symbol has been temporarily changed to “MRICD.” The “D” will be removed from the ticker symbol in 20 business days, at which time the ticker symbol will revert back to “MRIC.”
About MRI Interventions, Inc.
Building on the imaging power of magnetic resonance imaging, or MRI, MRI Interventions is creating innovative platforms for performing the next generation of minimally invasive surgical procedures. The ClearPoint® system, which has received 510(k) clearance and is CE marked, utilizes a hospital’s existing diagnostic or intraoperative MRI suite to enable a range of minimally invasive procedures in the brain. For more information, please visit www.mriinterventions.com.
Statements herein concerning the Company's plans, growth and strategies may include “forward-looking statements” within the context of the federal securities laws. Statements regarding the Company's future events, developments and future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The Company's actual results may differ materially from those suggested as a result of various factors. Particular uncertainties and risks include those relating to: the Company’s ability to obtain additional financing; estimates regarding the sufficiency of the Company’s cash resources; future revenues from sales of the Company’s ClearPoint system products; and the Company’s ability to market, commercialize and achieve broader market acceptance for the Company’s ClearPoint system products. More detailed information on these and additional factors that could affect the Company's actual results are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 which has been filed with the Securities and Exchange Commission, as well as the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2016, which the Company expects to file in May 2016 with the Securities and Exchange Commission.
Contact: Harold A. Hurwitz, Chief Financial Officer (949) 900-6833