Cardio Diagnostics enacts 1-for-30 reverse stock split

CHICAGO - Cardio Diagnostics Holdings, Inc. (NASDAQ: CDIO), an artificial intelligence-powered cardiovascular medicine company, has announced a 1-for-30 reverse stock split of its common stock, scheduled to become effective with the market opening on May 13, 2025. The action is intended to help the company meet Nasdaq’s minimum bid price requirement for continued listing. According to InvestingPro data, CDIO currently trades at $0.40, with its stock showing significant volatility over the past year, having ranged from $0.19 to $1.77.

The reverse stock split will take place at 11:59 pm Eastern Time on May 12, 2025, and shares will begin trading on a post-split basis the following day. Despite the change, the ticker symbol will remain "CDIO," although a new CUSIP number, 14159C202, will be assigned. InvestingPro analysis indicates the company maintains strong liquidity with a current ratio of 13.92, though it’s currently experiencing rapid cash burn. Get access to 8 more exclusive ProTips and detailed financial metrics with InvestingPro.

This decision follows authorization from the company’s stockholders on November 15, 2024, and subsequent approval from the Board of Directors on April 10, 2025. The amendment to the company’s Third Amended and Restated Certificate of Incorporation will reflect this reverse stock split.

Post-split, every 30 existing shares of Cardio Diagnostics’ common stock will be combined into one share, maintaining the nominal par value per share of $0.00001. The company will not issue fractional shares; instead, it will round holdings to the nearest whole number. The outstanding common stock will decrease from approximately 52 million shares to about 1.7 million shares, while the authorized shares will remain at 300 million. With a market capitalization of approximately $21 million, CDIO holds more cash than debt on its balance sheet, maintaining financial flexibility despite challenging market conditions.

The number of shares reserved for issuance under the company’s 2022 Equity Incentive Plan and the terms of outstanding public and private warrants and stock options will be proportionately adjusted to reflect the reverse stock split.

Cardio Diagnostics focuses on making cardiovascular disease prevention, detection, and management more accessible and personalized through its proprietary Artificial Intelligence-driven technology. The reverse stock split is a strategic move to align with Nasdaq’s listing requirements and does not alter the company’s focus on advancing cardiovascular health technologies. Investors should note that the company’s next earnings report is scheduled for May 14, 2025, which could provide crucial insights into its operational progress and growth trajectory.

This announcement is based on a press release statement from Cardio Diagnostics Holdings, Inc.

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