FREEHOLD, N.J., Oct. 24, 2024 (GLOBE NEWSWIRE) — Avalon GloboCare Corp. (NASDAQ: ALBT), a developer of innovative precision diagnostics and laboratory services, today announced that it will effect a 1-for-15 reverse split of its common shares that will become effective on October 28, 2024. The Company expects that the reverse stock split will allow the Company to regain compliance with the $1.00 minimum bid price requirement of the Nasdaq Capital Market.
Avalon GloboCare’s common shares will continue to trade on Nasdaq under the symbol “ALBT” and will begin trading on a split-adjusted basis when the market opens on October 28, 2024. The new CUSIP number for the common shares following the reverse split will be 05344R302. The reverse split will reduce the number of outstanding shares of the Company’s common shares from approximately 16.0 million shares to approximately 1.1 million shares.
“This reverse stock split is a strategic step towards regaining compliance with Nasdaq’s listing requirements,” stated David Jin, M.D., Ph.D., President and Chief Executive Officer of Avalon GloboCare. “It will allow us to continue to execute on our business goals and position Avalon GloboCare for long-term growth and success. We remain committed to delivering value to our shareholders through our innovative precision diagnostics and laboratory services.”
About Avalon GloboCare Corp.
Avalon GloboCare Corp. (NASDAQ: ALBT) is a commercial stage company dedicated to developing and delivering innovative, transformative, precision diagnostics and clinical laboratory services. Avalon is working to establish a leading role in the innovation of diagnostic testing, utilizing proprietary technology to deliver precise, genetics-driven results. The Company also provides laboratory services, offering a broad portfolio of diagnostic tests, including drug testing, toxicology, and a broad array of test services, from general bloodwork to anatomic pathology, and urine toxicology. For more information about Avalon GloboCare, please visit www.avalon-globocare.com.
