Skyline Medical Inc (NASDAQ:SKLN) has made two new additions to its board of directors, with the appointment of Timothy A. Krochuk and J. Melville Engle. The appointments went into effect on October 27, 2016, moving the number of members of the board to five, all of whom are independent. Added to this, the company also approved a 1-for-25 reverse stock split, which went into effect on the same date.
The executive chairman of SKLN, Dr. Carl Schwartz, welcomed the two new directors to the company, stating that they bring important sector experience and significant functional expertise with them. Dr. Schwartz also pointed out that they had leadership, financial and pharmaceutical skills, which would be invaluable to Skyline. He also claimed that this provided depth to their governance, at a time when the company is executing its growth strategy.
Mr. Engle has been working in the healthcare industry for over 30 years and is currently the CEO of Engle Strategic Solutions. Engle Strategic provides CEO development and coaching services, in addition to senior management consulting as well as corporate problem solving and operational planning. On the other hand, Mr. Krochuk is the co-founder and the MD of GRT Capital Partners, an investment advisor in Boston. He also has the honor of being the youngest diversified portfolio manager, in 2001, in the history of Fidelity. Currently, he serves as the CEO of CHP Clean Energy, which he founded in 2009.
The reverse stock split was approved by the board of directors, unanimously, on October 27. Following the split, the company announced that it would be trading under the CUSIP number 83084T606, from October 28. Skyline expects that the number of shares outstanding would be reduced to 3.9 million, with fractional holdings being rounded to the nearest whole share. SKLN noted that the split would be exercised uniformly and would not affect the percentage ownership of any holder. The management stated that this was being done to meet NASDAQ’s minimum $1 per share requirement, for continued listing.
Skyline Medical Inc (NASDAQ:SKLN) jumped by more than 25 folds, during the October 27 trading session, to close at $2.92 per share, on a trade volume of 16.46 million.