SARASOTA, Fla., July 27,
2023 /PRNewswire/ -- INVO Bioscience, Inc. (Nasdaq:
INVO) ("INVO" or the "Company"), a commercial-stage fertility
company focused on expanding access to advanced treatment worldwide
with its INVOcell® medical device and the intravaginal culture
("IVC") procedure it enables, announced today that it will effect a
1-for-20 reverse split of its issued and outstanding and authorized
common stock effective as of 12:01 a.m.
Eastern Time on July 28, 2023.
Commencing with the opening of trading on The Nasdaq Capital Market
on July 28, 2023, the Company's
common stock will trade on a post-split basis under the same
trading symbol, "INVO".
As a result of the reverse stock split, the CUSIP number for the
Company's common stock will be 44984F401. As a result of the
reverse stock split, every 20 shares of issued and outstanding
common stock will be exchanged for 1 share of common stock, with
any fractional shares being rounded up to the next higher whole
share. Immediately after the reverse stock split becomes effective,
the company will have approximately 842,017 shares of common stock
issued and outstanding. In addition, a proportionate adjustment
will be made to the company's authorized shares of common stock
such that the Company shall have 6,250,000 shares of authorized
common stock after the effective time of the reverse stock
split.
The reverse stock split is primarily intended to bring the
Company into compliance with Nasdaq's $1.00 per share minimum bid price requirement for
continued listing. However, no assurance can be given that such
reverse stock split will enable the Company to regain compliance
with the Nasdaq minimum bid price requirement.
About INVO Bioscience
We are a commercial-stage fertility company dedicated to
expanding the assisted reproductive technology ("ART") marketplace
by making fertility care accessible and inclusive to people around
the world. Our primary mission is to implement new medical
technologies aimed at increasing the availability of affordable,
high-quality, patient-centered fertility care. Our flagship product
is INVOcell®, a revolutionary medical device that allows
fertilization and early embryo development to take place in vivo
within the woman's body. This treatment solution is the world's
first intravaginal culture technique for the incubation of oocytes
and sperm during fertilization and early embryo development. This
technique, designated as "IVC", provides patients a more natural,
intimate, and more affordable experience in comparison to other ART
treatments. We believe the IVC procedure can deliver comparable
results at a fraction of the cost of traditional in vitro
fertilization ("IVF") and is a significantly more effective
treatment than intrauterine insemination ("IUI"). Our
commercialization strategy is focused on the opening of dedicated
"INVO Centers" offering the INVOcell® and IVC procedure (with three
centers in North America now
operational), in addition to continuing to distribute and sell our
technology solution into existing fertility clinics. For more
information, please visit www.invobio.com.
Safe Harbor Statement
This release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
The Company invokes the protections of the Private Securities
Litigation Reform Act of 1995. All statements regarding our
expected future financial position, results of operations, cash
flows, financing plans, business strategies, products and services,
competitive positions, growth opportunities, plans and objectives
of management for future operations, as well as statements that
include words such as "anticipate," "if," "believe," "plan,"
"estimate," "expect," "intend," "may," "could," "should," "will,"
and other similar expressions are forward-looking statements. All
forward-looking statements involve risks, uncertainties, and
contingencies, many of which are beyond our control, which may
cause actual results, performance, or achievements to differ
materially from anticipated results, performance, or achievements.
Factors that may cause actual results to differ materially from
those in the forward-looking statements include those set forth in
our filings at www.sec.gov. We are under no obligation to
(and expressly disclaim any such obligation to) update or alter our
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE INVO Bioscience, Inc.