CEDAR KNOLLS, N.J., Nov. 17, 2020 /PRNewswire/ -- MYOS RENS Technology Inc. ("MYOS" or the "Company") (NASDAQ:MYOS)
As previously announced, on June 30, 2020, MYOS RENS Technology, Inc., a Nevada corporation ("MYOS"), and MedAvail, Inc., a privately-held Delaware corporation ("MedAvail"), entered into an Agreement and Plan of Merger and Reorganization (the "Merger Agreement"), by and among MYOS, MedAvail, and Matrix Merger Sub, Inc., a newly-created wholly-owned subsidiary of MYOS ("Merger Sub"), pursuant to which, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Merger Sub will merge with and into MedAvail, with MedAvail being the surviving corporation and a wholly-owned subsidiary of MYOS (the "Merger"). In addition, prior to the Merger, MYOS will contribute substantially all its assets and liabilities to a wholly owned subsidiary, MYOS Corp., a Delaware corporation ("MYOS Corp.") in exchange for all the outstanding shares of common stock of MYOS Corp., and, the day following the Merger, MYOS shall dividend the shares of stock of MYOS Corp. to MYOS's shareholders existing as of the October 2, 2020 record date, as a result of which MYOS Corp. will continue the existing business of MYOS as a private company.
At the special meeting of the shareholders held on November 16, 2020 (the "Special Meeting"), the MYOS shareholders approved, among other matters, (i) a reverse stock split at a ratio within a range of one share of MYOS Common Stock for every two to fifteen shares of MYOS Common Stock outstanding (or any number in between) (the "Reverse Stock Split"), the exact ratio within the two to fifteen range to be determined by the Board of Directors of MYOS (the "MYOS Board") prior to the Effective Time and publicly announced by MYOS, and (ii) the amendment of the Nevada articles of incorporation to effect the Reverse Stock Split.
On November 16, 2020 and following the Special Meeting, the MYOS Board of Directors approved the Reverse Stock Split ratio of one new share for every 12 shares of Common Stock outstanding.