VirtualScopics Inc.’s shares did a 1-for-10 reverse split Wednesday afternoon.
That means every 10 shares of the medical image analysis company’s outstanding common stock will be combined into one share, without any change to the par value per share.
VirtualScopics’ board voted for the stock split to help the company regain compliance with the minimum $1 bid price per share requirement for continued listing on Nasdaq.
However, the company said it probably will not regain compliance by Aug. 26, the deadline set by Nasdaq, and, as a result, it might receive a delisting notice. If that happens, VirtualScopics will appeal it.