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Why InVivo Therapeutics Stock Falling?

(RTTNews) - InVivo Therapeutics Holdings Corp. announced a 1-for-25 reverse stock split of its common stock and a proportionate reduction in its authorized common stock. Every 25 shares of InVivo Therapeutics common stock will be combined into 1 share of InVivo Therapeutics common stock. The reverse stock split is anticipated to reduce the company's issued and outstanding shares from approximately 34.3 million to approximately 1.4 million.

The company noted that the implementation of the reverse stock split is intended to increase the per share trading price of the common stock to fulfill the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market.

InVivo Therapeutics expects the reverse stock split will become effective on April 26, 2022, and shares of InVivo Therapeutics common stock will trade on a post-split basis under the existing trading symbol, NVIV, at the market open on April 27, 2022.

Shares of InVivo Therapeutics were down 21% after hours.
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