Organovo Announces 1-for-12 Reverse Stock Split To Maintain Nasdaq Compliance

(RTTNews) - Organovo Holdings, Inc. (ONVO), a clinical-stage biotechnology company Wednesday announced that it will implement a 1-for-12 reverse stock split, effective at 5:00 p.m. Eastern Time on March 20, 2025.

Trading on a split-adjusted basis will begin on March 21, 2025, under the same Nasdaq symbol "ONVO" with a new CUSIP number - 68620A302.

As a result, every twelve outstanding shares will be converted into one, maintaining a par value of $0.001 per share. The total outstanding shares will decrease from approximately 21.4 million to 1.8 million, while the authorized share count remains unchanged.

Fractional shares will not be issued; instead, affected stockholders will receive a cash payment based on the closing price on March 19, 2025. Equity incentive plans will also be adjusted accordingly.

Stockholders approved the reverse split at the annual meeting on November 20, 2024, granting the board discretion to choose a ratio between 1-for-5 and 1-for-20. The board finalized the 1-for-12 ratio on March 6, 2025, aiming to restore compliance with Nasdaq's $1.00 minimum bid price requirement.

ONVO is currently trading at $0.2732 or 32.6098% lower on the Nasdaq Capital Market.