Second Sight Medical sheds ~17% after reverse stock split

Aug. 19, 2022 10:34 AM ETVivani Medical, Inc. (VANI)By: Dulan Lokuwithana, SA News Editor2 Comments

Arrows. Opposing concept

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  • Second Sight Medical Products, Inc. (NASDAQ:EYES), a maker of implantable visual prosthetics, dropped ~17% on Friday morning as its shares began trading on a split-adjusted basis following a 1-for-3 reverse stock split.
  • In July, the company filed for an amendment to its Articles of Incorporation with the Secretary of State in California to implement a reverse stock split of its outstanding common stock.
  • On Aug. 16, the company was notified that the California Secretary of State had accepted the amendment.
  • The effective time of the amendment was 5:00 p.m. Pacific Time on Aug. 09, and the company shares started trading on a split-adjusted basis on Aug. 19, EYES said in a regulatory filing.
  • The corporate action is in line with an amendment the company's shareholders approved in July for its Restated Articles of Incorporation.
  • Commercial-stage biotech Palatin Technologies (PTN) also traded lower on Friday on its plans for a 1-for-25 reverse split.

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