FORT WORTH, TX / ACCESSWIRE / May 9, 2019 / WNDM Medical Inc. (OTCQB: WNDM). Based in Fort Worth, Texas, WNDM Medical Inc. a provider of surgical and chronic wound care products dedicated to improving patient outcomes, announced today that the previously announced 1-for-100 reverse stock split of the Company's issued and outstanding shares of common stock will become effective at the commencement of trading on May 10, 2019.
Concurrent with the reverse stock split, WNDM Medical Inc. is changing its corporate name from Wound Management Technologies, Inc. to Sanara MedTech Inc. The prior name and the new current name of Sanara MedTech Inc. are referred to in this press release as the ("Company").
The reverse stock split was previously approved by a majority of shareholders of the Company's outstanding stock on March 21, 2019. Commencing May 10, 2019, the Company's common stock will trade on the OTCQB market under the symbol "WNDMD" until June 6, 2019, at which time we will change our trading symbol to more closely reflect our new corporate name. The post-split common stock will be traded under a new CUSIP number 79957L100. In connection with the reverse stock split, the Company also made 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, effective May 10, 2019.
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 the common stock on May 13, 2019.
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.
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.