Cardio Diagnostics announces 1-for-30 reverse stock split

Cardio Diagnostics (CDIO) announced a 1-for-30 reverse stock split of its common stock effective with the market opening on May 13. The reverse stock split will take effect at 11:59 pm Eastern Time on May 12 and the company’s common stock will open for trading on Nasdaq on May 13 on a post-split basis. The reverse stock split is part of the company’s plan to regain compliance with the minimum bid price requirement for the continued listing on Nasdaq. The reverse split was authorized by the company’s stockholders on November 15, 2024, granting the company’s board of directors the discretion to determine the timing and ratio of the split within a range of 1-5 and 1-40.