Bone Biologics announces 1-for-8 reverse stock split

Bone Biologics announced a planned reverse stock split of its shares of common stock at a ratio of 1-for-8. The reverse stock split will take effect as of 12:01 a.m. ET, on Wednesday, December 20 and shares of Bone Biologics are expected to trade on a post-split basis on Nasdaq under the existing trading symbol, (BBLG) at the market open on December 20. At the company’s special meeting of stockholders held on December 12, stockholders approved an amendment to the company’s amended and restated certificate of incorporation to implement a reverse stock split in a range of 1-for-5 to 1-for-20, and granted the board of directors the authority to implement and determine the exact split ratio within such range, which was subsequently set by the board at 1-for-8. Following the reverse stock split, the new CUSIP number of the common stock will be 098070501, with the par value per share of common stock remaining at $0.001. A proportionate adjustment will be made to the per-share exercise prices and number of shares issuable under all outstanding warrants and equity awards. When the reverse stock split becomes effective, every eight shares of the company’s issued and outstanding common stock will be combined into one share of common stock. Each stockholder’s percentage ownership interest in Bone Biologics will remain unchanged after the reverse stock split. Any fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share of common stock. The number of authorized shares of common stock of the company will remain the same following the reverse stock split.