Ekso Bionics Announces 1-For-7 Reverse Stock Split In Preparation For Proposed Uplisting To Nasdaq

RICHMOND, Calif., May 04, 2016 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (OTCQB:EKSO), a robotic exoskeleton company, today announced that it has effected a 1-for-7 reverse split of its common stock in preparation for its planned application for listing of its common stock on the NASDAQ Capital Market. The reverse stock split was approved by the company’s board of directors and is intended to allow the company to meet the minimum share price requirement for listing on the NASDAQ Capital Market. The company believes that it currently meets all of the listing requirements for listing the company’s common stock on the NASDAQ Capital Market other than the minimum trading price requirement. However, there is no assurance that the company’s listing application will be approved by NASDAQ.

"This reverse stock split is an important component of Ekso Bionic's capital markets strategy," stated Thomas Looby, president and chief executive officer of Ekso Bionics. "We believe moving the company’s common stock listing to a national exchange will represent a significant step toward our efforts to create long-term shareholder value, while attracting a broader and more diverse shareholder base." 

The reverse split became effective at close of market on Wednesday, May 4, 2016, and the company’s common stock will begin trading on a post-split basis on the OTCQB under the temporary symbol “EKSOD” at market open Thursday, May 5, 2016. The temporary ticker symbol will remain in effect for 20 trading days to signify that the reverse stock split has occurred, after which it will revert back to “EKSO”. In addition, the company’s common stock will trade under a new CUSIP number, 282644202, as a result of the reverse split. 

As a result of the reverse stock split, every seven shares of issued and outstanding common stock will be converted into one share of issued and outstanding common stock. Any fractional share resulting from the reverse split will be rounded up to the nearest whole share. Immediately after the reverse stock split becomes effective, the company will have approximately 16.2 million shares of common stock outstanding.

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