Ekso Bionics Holdings Inc (OTCMKTS:EKSO) Preparing To Uplist

Ekso Bionics Holdings Inc (OTCMKTS:EKSO) has been one of the most talked about names on the OTC Markets. However, the company knows that it has outgrown the OTC and is looking to uplist to Nasdaq. This will allow the exoskeleton maker to build an institutional shareholder base and create shareholder value.Since 2005, Ekso Bionics has been pioneering the field of robotic exoskeletons, or wearable robots, to augment human strength, endurance and mobility. The company's first commercially available product, called Ekso, has helped thousands of people living with paralysis take millions of steps not otherwise possible. By designing and creating some of the most forward-thinking and innovative solutions for people looking to augment human capabilities, Ekso Bionics is helping people rethink current physical limitations and achieve the remarkable. Ekso has invested over $60 million in its technology since it went public.Last month, Ekso effected a 1-for-7 reverse split of its common stock in preparation for its planned application for listing of its common stock on the NASDAQ Capital Market. The reverse stock split was approved by the company’s board of directors and is intended to allow the company to meet the minimum share price requirement for listing on the NASDAQ Capital Market. The company believes that it currently meets all of the listing requirements for listing the company’s common stock on the NASDAQ Capital Market other than the minimum trading price requirement. Ekso now has approximately 16.2 million shares outstanding. CEO Thomas Looby said:

"This reverse stock split is an important component of Ekso Bionic's capital markets strategy. We believe moving the company’s common stock listing to a national exchange will represent a significant step toward our efforts to create long-term shareholder value, while attracting a broader and more diverse shareholder base."

Before the company can apply for listing of the company’s common stock on the NASDAQ Capital Market, the Ekso common stock must trade above a minimum price of $4.00 for 30 consecutive trading days. Once the company meets this minimum trading price requirement, the company intends to submit its application for listing with NASDAQ.During the first quarter, Ekso accomplished quite a bit. The company received clearance from the FDA to market its Ekso GT robotic exoskeleton for use in the treatment of individuals with hemiplegia due to stroke and individuals with spinal cord injuries at levels L5 to C7. The Ekso GT is the first and only exoskeleton cleared by the FDA for use with stroke patients. Ekso's medical division also sold ten Ekso GT units during the first quarter 2016, and as of March 31, 2016, had sold or rented over 180 medical units. The industrial division sold 25 demonstration devices to a major distributor of construction equipment. These Ekso Aerial gravity balancing arm systems are designed to provide support to industrial workers and this pilot placement represents the first units sold by Ekso Works directly to a customer.Total first quarter revenues were $8.5 million, $2.0 million of which represented revenues from products sold and services provided during the first quarter, up 16% compared to $1.7 million in the first quarter of 2015. First quarter 2016 revenues included $6.5 million resulting from the one-time, non-cash recognition of previously deferred medical device revenue due to a change in the company’s accounting estimate related to the recognition of medical device revenue. CEO Thomas Looby said:

“Ekso Bionics has evolved from a development-stage company to a fully commercial organization with an FDA cleared device. Our ground-breaking clearance, which establishes Ekso Bionics as the only exoskeleton technology labeled for stroke patients, allows us to address more than 20 times the patient population of any other exoskeleton technology on the market. We have put the right team in place to focus on market expansion, commercialization and continued innovation. I am thrilled to lead the company as we build upon our trusted brand and grow our business into a market leader.”

Currently trading with a market cap of $95 million, EKSO is an exciting story for penny stock investors and one which will get a lot more interesting with an uplisting. We would then see EKSO go from being a stock for penny players to one for institutional players. With $12.3 million in cash at the end of March, we're expecting some big news from EKSO and a Nasdaq listing since the company meets the criteria to be uplisted. We will be updating Insider Financial as soon as we know more. For continuing coverage on EKSO, sign up for our free newsletter today and get our next hot stock pick!Disclosure: We have no position in EKSO and have not been compensated for this article.