CAESAREA, Israel, August 9, 2021 / PRNewswire / – IceCure Medical Ltd. (TASE: ICCM) (“IceCure” or the “Company”), developer of the next generation minimally invasive cryoablation technology that destroys tumors by freezing, announced yesterday that it has implemented a 8-for-1 split of its ordinary shares before the opening of trading on the market on Sunday 8 August 2021. Trading in the common shares on a split-adjusted basis will continue on TASE under the symbol “ICCM”, however, the stock has received a new CUSIP number.
The Company implemented the reverse stock split as part of its previously announced plan to increase the listing of the Company’s ordinary shares on the Nasdaq Capital Market. The reverse stock split is an action intended to meet the share price requirement for official listing on the NASDAQ. There can be no assurance that the Company will meet other applicable requirements for the listing of its Common Shares on Nasdaq or that the Company’s request to increase the listing of its Common Shares will be approved.
Following the reverse stock split, all eight (8) issued and outstanding common shares of the Company were automatically combined into one (1) issued and outstanding common share. No fractional common share will be issued as a result of the split, as any fractional common share resulting from the split will be rounded to the nearest whole share on a per shareholder basis. The consolidation of shares has no impact on the percentage of ownership of a shareholder in the Company or on voting rights, with the exception of minimal effects resulting from the treatment of fractional shares.
The reverse stock split reduced the number of issued and outstanding common shares from 254,574,913 before the split to approximately 31,821,865 after the split. The number of authorized shares was reduced from 20,000,000,000 to 2,500,000,000 after the demerger. Proportional adjustments have been made to all outstanding options in accordance with the terms of the options.
The Company previously announced that, the July 27, 2021, the shareholders of a majority of its outstanding shares had approved the potential for reverse stock split.
About IceCure Medical
Founded in 2006, IsraelIceCure Medical (TASE: ICCM) develops and markets an advanced cryoablation therapy based on liquid nitrogen for the treatment of tumors (benign and cancerous) by freezing, the main areas of intervention being breast cancer, kidney cancer, bone and lung. Its minimally invasive technology is a safe and effective alternative to surgical tumor removal in a hospital setting which is easily performed in a relatively short procedure. The system is marketed and sold worldwide, having received FDA and CE approvals. For more information, please visit: www.icecure-medical.com.
Tlalit Bussi Tel Tzure
VP BD & Marketing
IceCure Medical Ltd.
T: 212.915.2568 | M: 917.749.1494
SOURCE IceCure Medical