Cardio Diagnostics Holdings, Inc. Announces 1-for-30 Reverse Stock Split CHICAGO—On May 13, 2025, Cardio Diagnostics Holdings, Inc. (NASDAQ: CDIO) initiated a 1-for-30 reverse stock split, a decision aimed at maintaining its listing on the Nasdaq Capital Market by meeting the minimum bid price requirement. This strategic move was designed to enhance the company's financial standing and investor perception. Background and Authorization The reverse stock split was authorized by Cardio Diagnostics' stockholders on November 15, 2024. The shareholders granted the Board of Directors the flexibility to choose a split ratio between 1-5 and 1-40. After careful consideration, the Board opted for a 1-for-30 ratio on April 10, 2025. This decision will not alter the nominal par value of $0.00001 per share. Importantly, no fractional shares will be issued; instead, shares will be rounded to the nearest whole number, based on decisions made by the Depository Trust Company (DTC) at the participant level. Impact of the Split As a result of the reverse stock split, the total number of outstanding common shares will decrease from about 52 million to approximately 1.7 million. The authorized shares of common stock will remain at 300 million. Additionally, the number of shares reserved under the 2022 Equity Incentive Plan will be proportionately reduced. The company will also adjust outstanding warrants and stock options to reflect the new share structure, both in terms of the number of shares and exercise prices. Reasons for the Split The primary reason for the reverse stock split is to comply with Nasdaq’s minimum bid price rule. This rule requires listed companies to maintain a minimum share price of $1.00 to avoid delisting. By reducing the number of shares outstanding, the company hopes to increase the share price above the required threshold. This move is crucial for Cardio Diagnostics, as it allows the company to remain listed on a reputable exchange, ensuring continued access to capital markets and maintaining investor confidence. About Cardio Diagnostics Holdings, Inc. Cardio Diagnostics Holdings, Inc. is an innovative company focused on using artificial intelligence (AI) to advance precision cardiovascular medicine. The company aims to make cardiovascular disease prevention, detection, and management more accessible and precise through its proprietary AI-driven Integrated Genetic-Epigenetic Engine. Founded to develop and commercialize cutting-edge clinical tests, Cardio Diagnostics aspires to be a leader in medical technology, specifically for cardiovascular health. For more information, visit www.cdio.ai. Industry Reactions and Expert Opinions Industry insiders view the reverse stock split as a prudent step for Cardio Diagnostics to retain its Nasdaq listing and potentially stabilize its stock price. According to financial analysts, the move is common among companies facing similar regulatory challenges. However, some caution that while the reverse split can temporarily boost the share price, the underlying business fundamentals must be strong for long-term success. Cardio Diagnostics has been praised for its innovative approach to cardiovascular diagnostics, particularly its integration of AI and genetic data, which could position it well for the future if it continues to deliver on its strategic goals. Forward-Looking Statements This press release includes forward-looking statements that reflect the company's expectations, beliefs, and projections about future events, financial performance, and operational strategies. These statements are subject to various risks and uncertainties, including the company's ability to execute its growth plans, changes in legal and regulatory landscapes, economic conditions, and the need for additional financing. For a detailed discussion of these risks, refer to the company’s Annual Report on Form 10-K for the year ended December 31, 2024, and other filings with the Securities and Exchange Commission. These factors could significantly impact the company's financial performance and cause actual outcomes to differ from projected results.