Cardio Diagnostics (CDIO) Announces 1:30 Reverse Share Split

Cardio Diagnostics Holdings, Inc. (“Cardio” or the “Company”) (NASDAQ: CDIO), today announced a 1-for-30 reverse stock split of its common stock effective with the market opening on May 13, 2025.

The reverse stock split will take effect at 11:59 pm Eastern Time on May 12, 2025, and the Company’s common stock will open for trading on The Nasdaq Capital Market on May 13, 2025 on a post-split basis, under the existing ticker symbol “CDIO” but with new CUSIP number 14159C202. 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 The Nasdaq Capital Market.

The reverse split was authorized by the Company's stockholders on November 15, 2024, granting the Company's Board of Directors (the “Board”) the discretion to determine the timing and ratio of the split within a range of 1-5 and 1-40. On April 10, 2025, the Board approved a 1-for-30 reverse stock split (the “Reverse Stock Split”) and will amend the Company's Third Amended and Restated Certificate of Incorporation to reflect this action.

As a result of the Reverse Stock Split, every 30 shares of the Company’s common stock issued and outstanding prior to the opening of trading on May 13, 2025 will be combined into one issued and outstanding share, with no change in the nominal par value per share of $0.00001. No fractional shares will be issued as a result of the Reverse Stock Split. Instead of issuing fractional shares, the Company will round shares up or down to the nearest whole number as determined by DTC at the participant level.

As a result of the Reverse Stock Split, the number of shares of common stock outstanding will be reduced from approximately 52 million shares to approximately 1.7 million shares, and the number of authorized shares of common stock will remain at 300 million shares. In addition, the number of shares reserved for issuance under the Company’s 2022 Equity Incentive Plan immediately prior to the Reverse Stock Split will be reduced proportionately. Adjustments will also be made to the Company's outstanding public and private warrants and stock options. The number of shares into which these securities are exercisable will be adjusted in line with the reverse Stock Split, as will the exercise prices of these securities.

You May Also Be Interested In

• Active options: NVDA TSLA AMZN AAPL MSTR SPCX MU PLTR MSFT WEN SOFI
• Plaintiff Drops All Claims Against GVA-Affiliated Defendant in Apple Creek Litigation
• Constellium (CSTM) files for common share offering