Modular Medical announces 1-for-30 reverse stock split

Modular Medical (MODD) announced that it will effect a 1-for-30 reverse stock split of its outstanding common stock. The common stock is expected to begin trading on a split-adjusted basis on the Nasdaq Capital Market under the same symbol when the market opens on March 31. The reverse stock split is intended to increase the per share trading price of the company’s common stock to satisfy the $1.00 minimum bid price requirement for continued listing on Nasdaq. The reverse stock split will reduce the number of outstanding shares of the company’s common stock from 139,810,797 shares pre-reverse split to approximately 4,660,360 shares post-reverse split.