Shares of Stereotaxis Inc. (NASDAQ: STXS), a designer, manufacturer and marketer of an advanced cardiology instrument control system for the interventional treatment of arrhythmias and coronary artery disease, saw a huge rally in trading today.
STXS shares ended the day 29.81% higher at $2.09 on above average volume of 237,924. The stock touched an intra-day high of $2.16 in trading today.
Stereotaxis earlier this month announced that its stockholders approved an amendment to the companyâ€™s Certificate of Incorporation to effect a reverse split of the STXS common stock, $0.001 par value per share.
STXSâ€™s Board of Directors fixed the ratio for the reverse stock split at 1-for-10. The reverse split was effective on July 10, 2012.
The purpose of the reverse stock split was to raise the per share trading price of STXS common stock to regain compliance with $1 per share minimum bid price requirement for continued listing on the NASDAQ Global Market.