FORT WORTH, TX / ACCESSWIRE / March 25, 2019 / WNDM Medical Inc. (OTCQB: WNDM) Based in Fort Worth, Texas, WNDM Medical Inc. (the Company) a provider of surgical and chronic wound care products dedicated to improving patient outcomes, announced today that it plans to (1) effect a 1-for-100 reverse stock split of the Company's issued and outstanding shares of common stock and (2) change the name of the Company to Sanara MedTech Inc. In connection with the reverse stock split, the Company also plans to make a corresponding adjustment to the Company's authorized capital stock to reduce the authorized common stock to 20,000,000 shares and the authorized preferred stock to 2,000,000 shares.
The Company anticipates that these changes will take effect near the end of April or early May, 2019. Shareholders of a majority of the Company's outstanding voting stock approved these actions by written consent on March 21, 2019. No further action by the Company's shareholders will be required. The Company filed with the Securities and Exchange Commission a Shareholder Information Statement that provides details regarding these actions, and expects to mail that informational material to shareholders within approximately two weeks.
When it becomes effective, the reverse stock split will not change a shareholder's ownership percentage of the Company's common stock, except for the small effect where the reverse stock split would result in a shareholder owning a fractional share. No fractional shares will be issued as a result of the reverse split. Shareholders who would otherwise be entitled to receive a fractional share will instead receive a cash payment based on the market price of a share of common stock on the day after the reverse stock split becomes effective.
The conversion and voting provisions of the Company's Series F Convertible Preferred Stock will be proportionally adjusted by a factor of 100 to reflect the reverse stock split. All of the Company's outstanding stock options will also be proportionally adjusted to reflect the reverse split, in accordance with the terms of the plans, agreements or arrangements governing such securities."The reverse stock split is intended to increase the per share trading price of the Company's shares to increase the appeal of our common stock to the financial community and investing public, as well as give us more flexibility with our listing status," said CFO Mike McNeil. "Sanara comes from the Latin word 'sana' meaning 'heal' in English," said CEO Mike Carmena. "The name reflects our commitment to provide an expanded portfolio of products for patients to benefit from reduced pain and faster healing outcomes," added Carmena.
Information for Shareholders
After the reverse stock split takes effect the Company's transfer agent, Securities Transfer Corporation, will provide instructions to shareholders regarding the process for exchanging share certificates and will distribute payments for any fractional shares.
About WNDM Medical Inc.
With our focus on improving patient outcomes with evidenced-based healing solutions, WNDM Medical Inc. develops, markets and distributes biotechnology products to physicians, hospitals, clinics and all post-acute care settings. We are constantly seeking long-term strategic partnerships with a focus on products that produce more efficacious outcomes at a lower overall cost. Our primary products are sold in the North American advanced wound care and surgical tissue repair markets. WNDM Medical sells and distributes CellerateRX®/CRXα® Surgical Activated Collagen® Adjuvant and HemaQuell® Resorbable Bone Hemostat. For more information, visit WNDM.com.
Information about Forward-Looking Statements
The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development and any other statements not constituting historical facts are "forward-looking statements," within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results. This document may contain forward-looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks, contingencies and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company's SEC filings, which could cause the Company's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events.
SOURCE: WNDM Medical Inc.