Split Intended to Maintain Nasdaq Listing and Attract Additional Investors
as Company Enters Next Growth Phase
SAN DIEGO, May 8 /PRNewswire-FirstCall/ -- CardioDynamics (Nasdaq: CDIC), the innovator and leader of BioZ(R) impedance cardiography (ICG) technology, today announced the reverse split of 1 for 7 shares of the Company's common stock was approved by its Shareholders at the Company's Annual Shareholders Meeting earlier today.
The record date for the reverse split has been designated as the close of business today, May 8, 2008. The Company's common stock will begin trading tomorrow, May 9, 2008, on The Nasdaq Capital Market on a split-adjusted basis. The Company's stock will trade under the symbol "CDICD" for a period of approximately twenty trading days following the implementation of the reverse split to denote the reverse split, after which time, the trading symbol will revert to "CDIC". In the reverse split, each seven shares of CardioDynamics common stock issued and outstanding will be combined into one share of common stock, which initially should have the effect of proportionately increasing the stock price. Following the reverse split, the total number of shares outstanding will be reduced to approximately 7.2 million shares. Additional information regarding the reverse stock split can be found in the Company's Current Report on Form 8-K to be filed with the Securities and Exchange Commission on May 9, 2008.
Michael K. Perry, CardioDynamics Chief Executive Officer, stated, "We
appreciate the confidence in our Company the shareholders have shown
through their overwhelming support of the reverse stock split, with 87% of
the voted shares in favor of the proposal. The approval will help us
maintain our Nasdaq listing, improves our capital structure and has the
potential to attract a greater level of interest among investors and
analysts. Additionally, the timing is complementary with our Company's five
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