Today, Cardima took a major step towards prominence by applying for listing on the NASDAQ Stock Market. The company held a special meeting yesterday where shareholders approved a reverse split of its common stock at a ratio of not less than five-for-one and not greater than twelve-for-one for the purpose of meeting minimum stock price requirements. The exact ratio will be set by the Delaware Secretary of State no later June 30, 2010 at which point Cardima’s stock may have a new home which could help the young company evolve into a greater power.
Leading the way at Cardima is Rob Cheney who serves as the company’s CEO. When asked about the timing of the reverse split and the potential affect this move will have on the future of Cardima, Cheney was quoted as saying, “The timing to initiate the reverse stock split and the NASDAQ application was carefully considered in conjunction with our current marketing efforts to promote our Surgical Ablation System for cardiac ablation procedures in Europe and domestically. We believe that the NASDAQ listing and the reverse stock split are in the best interest of our stockholders and the future growth of the Company.”
Tony Shum who is the Chairman of the Board of Directors at Cardima stated, “This application marks an important strategic step to improve our stock’s liquidity as we continue to make progress on achieving our corporate objectives.”
Currently, Cardima is trading in the $0.85 range. With customer service in California, Canada and Europe, the move to the NASDAQ may allow Cardima to develop into a powerful stock across the globe. To learn more Cardima and its products, visit the company website at: www.cardima.com.
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