Inspire Veterinary Partners, Inc. (Nasdaq:IVP), a prominent owner and operator of pet health care services across the United States, has officially announced a strategic move to bolster its market position. The company will implement a 1-for-25 reverse stock split of its Class A common stock, effective at 12:01 a.m. Eastern Time on January 27, 2025. This corporate action is designed to ensure continued compliance with Nasdaq listing requirements and enhance the attractiveness of Inspire Veterinary Partners to investors.
Understanding the Reverse Stock Split by Inspire Veterinary Partners
The reverse stock split means that for every 25 shares of common stock currently held, stockholders will receive one new share. This adjustment will automatically reclassify the existing shares. Concurrently, the total number of authorized shares will be reduced proportionally, from 36,998,148 to 1,479,926. This change will also proportionally affect outstanding equity awards, warrants, convertible notes, and shares issued under the company’s stock incentive plans. To ensure equitable treatment for all stockholders, fractional shares resulting from the split will be rounded up to the nearest whole share. Importantly, this reverse stock split will not alter any stockholder’s percentage ownership in Inspire Veterinary Partners.
Alt text: Modern veterinary clinic exterior showcasing Inspire Veterinary Partners commitment to advanced pet healthcare facilities.
Nasdaq Compliance and Continued Trading
Following the reverse stock split, Inspire Veterinary Partners’ Common Stock will continue to be traded on The Nasdaq Capital Market under its current ticker symbol “IVP”. Trading will commence on a split-adjusted basis when the market opens on January 27, 2025. A new CUSIP number, 45784E304, has been assigned to the Common Stock post-split. The primary objective of this reverse stock split is to meet Nasdaq’s minimum bid price requirement of $1.00, a crucial step for maintaining its listing on the exchange. While this action is intended to address the compliance issue, Inspire Veterinary Partners acknowledges that there is no guarantee it will successfully meet the minimum bid price requirement.
Strategic Decision and Company Background
The decision for a 1-for-25 reverse stock split was formally approved by Inspire Veterinary Partners’ board of directors during a meeting on November 6, 2024. As a Nevada-incorporated entity, the company was able to proceed with this action without requiring shareholder approval, in accordance with the Nevada Revised Statutes, because the number of authorized and outstanding shares were reduced proportionally.
Inspire Veterinary Partners operates as a dedicated owner and operator of veterinary hospitals throughout the United States. The company is actively expanding its network through strategic acquisitions of diverse veterinary practices, including general practice, mixed animal facilities, and critical and emergency care centers. Inspire Veterinary Partners is committed to growing its presence in the pet health industry and providing high-quality care to animals across the nation.
Alt text: Dedicated veterinary team at Inspire Veterinary Partners performing surgery, highlighting expertise and experience in pet healthcare.
For investors and others seeking further details about Inspire Veterinary Partners, please visit www.inspirevet.com.
Connect with Inspire Veterinary Partners, Inc.
Facebook: https://www.facebook.com/InspireVeterinaryPartners/
LinkedIn: https://www.linkedin.com/company/inspire-veterinary-partners/
Investor Contact
TraDigital IR
Kevin McGrath
+1-646-418-7002
[email protected]
General Inquires
Morgan Wood
[email protected]
SOURCE: Inspire Veterinary Partners, Inc.
