Eyenovia enacts reverse stock split to meet Nasdaq requirements

NEW YORK – Eyenovia, Inc., a pharmaceutical company specializing in preparations, announced today a reverse stock split of its common shares in a strategic move to comply with Nasdaq’s minimum bid price requirement.

The reverse stock split was effective as of 4:00 p.m., Eastern Time, on January 31, 2025. The company’s stock, which has seen a dramatic 98% decline over the past year according to InvestingPro data, currently trades at $0.03 with a market capitalization of just over $4 million.

The Delaware-incorporated company, trading under the ticker (NASDAQ:EYEN), filed a Certificate of Amendment that consolidated every 80 shares of issued and outstanding common stock into one share. The action was taken without requiring further company or shareholder action.

This reverse split intends to raise the trading price of the company’s stock to satisfy the trading criteria of the Nasdaq Capital Market. InvestingPro analysis reveals the company is quickly burning through cash, with a concerning current ratio of 0.74, indicating potential liquidity challenges.

In the process, no fractional shares were issued. Shareholders who would have received a fraction of a share will instead receive a cash payment, ensuring that the reverse stock split affects all shareholders uniformly. The company emphasized that the reverse stock split would not alter any stockholder’s percentage of ownership in Eyenovia, except for minor adjustments due to the elimination of fractional shares.

The post-split trading on Nasdaq is set to commence on February 3, 2025. The company’s common stock will continue to be listed under the symbol "EYEN," but with a new CUSIP number, 30234E 203. Eyenovia’s management hopes that this reverse stock split will enable the company to regain compliance with Nasdaq’s listing rules and maintain its listing on the exchange.

Eyenovia’s management has issued forward-looking statements cautioning that while they reflect the company’s current expectations, these statements are not guarantees of future performance. The management acknowledges the inherent risks and uncertainties in such predictions and commits to adhering to applicable securities laws without undertaking any obligation to update any forward-looking statements.

For deeper insights into Eyenovia’s financial health and future prospects, InvestingPro subscribers have access to over 20 additional exclusive ProTips and comprehensive financial metrics, including detailed analysis of the company’s valuation and growth potential.

This report is based on a press release statement and the detailed information regarding the reverse stock split is documented in the Amendment filed with the SEC, which is incorporated by reference in this article.

In other recent news, Eyenovia, Inc. shareholders approved a reverse stock split and additional stock reserve, according to a filing with the Securities and Exchange Commission (SEC). The pharmaceutical company also secured significant funding through a series of direct offerings and warrant repricing and exercise, raising approximately $1.9 million and $1.3 million in two separate offerings. Eyenovia is also exploring strategic alternatives, including a potential sale, merger, or asset sale, with the help of financial advisor Chardan.

However, the company is facing the threat of delisting from the Nasdaq due to non-compliance with the exchange’s minimum bid price requirement. Amid these financial challenges, Eyenovia continues to advance its product development, nearing Phase III efficacy data readout for MicroPine, launching MydCombi and Clobetasol, and working on its Gen 2 Optejet device.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.