One of the companies that was in the news yesterday was Ra Medical Systems Inc (NYSEAMERICAN:RMED) and it came about after the company made an announcement with regards to the Special Meeting of Shareholders. The company announced that all three proposals that had been put forward by the company had been approved at the meeting.
The proposals had been proxy filed by Ra Medical Systems back on August 29 this year with the United States Securities and Exchange Commission. In this regard, it is perhaps also necessary to point out that the company announced yesterday that its Directors of the Board had given their approval for the reverse stock split of the common stock on a 1 for 50 basis. The reverse stock split would go into effect on September 30, 2022 at 4-01 pm Eastern Time.
However, at the same time, it is necessary to keep in mind that the stock would start trading on a split-adjusted basis when trading opens on October 3, 2022, which is a Monday. The news has proven to be a boost for the Ra Medical Stock and it has clocked gains of as much as 21% so far this morning.
Will McGuire, who is the Chief Executive Officer of the company, thanked the shareholders for having approved all the proposals that had been put forward at the Special Meeting. It was noted that the vote was also a significant step in the company’s proposed merger with Catheter Precision.