Shares of Health Sciences Guardion Inc. GHSI,
Pre-sale trading fell 24.0% on Friday, after the ocular health-focused medical foods company said it was implementing a 1-for-6 backward stock split, to help keep up registration requirements. The reverse split will be triggered by a trade opening on March 1, meaning Monday’s stock price will start at six o’clock at Friday’s closing price. The company said on Sept. 20, it received a letter from Nasdaq’s listing certification department regarding non-compliance with the minimum offer price requirement of $ 1.00 per share. The stock closed at 20 cents on September 30, then rose to a high of $ 1.16 on February 16, before falling to Thursday’s close at 69 cents. In the company ‘s latest quarterly file in November and the annual report filed a year ago, the company has said there is serious doubt about its ability to continue as a going concern. Investors often see back-end stock splits as evidence of company problems. Despite the difficulties, the stock has doubled (up 127.7%) over the last 12 months, and the S&P 500 SPX,
has received 22.9%.