The reverse stock split is primarily intended to bring the company into compliance with the minimum bid price requirements for maintaining its listing on the Nasdaq Capital Market. The new CUSIP number for the Company’s shares of common stock following the reverse split will be 829392 703.
As a result of the reverse stock split, every 200 shares of the company’s common stock issued and outstanding will be automatically reclassified into one new share of common stock. Proportionate adjustments will be made to the conversion and exercise prices and the number of shares underlying the Company’s outstanding warrants, preferred stock, equity awards and the number of shares reserved under the Company’s equity incentive plan. The reverse stock split will not affect the number of authorized shares of common stock or the par value of the common stock.
The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in the company, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. Any fractional shares of common stock resulting from the reverse stock split will be rounded up to the nearest whole share and no stockholders will receive cash in lieu of fractional shares.
The reverse stock split will reduce the number of issued and outstanding shares of the Company's common stock from approximately 123 million to approximately 0.6 million.
The Company’s transfer agent,
Additional information about the reverse stock split and stockholder approval can be found in the Company’s definitive proxy statement filed with the
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”) that are subject to a number of risks and uncertainties. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. There can be no assurance that implementing a reverse stock split will result in the company regaining compliance with Nasdaq listing requirements or that if compliance is regained that the company will be able to maintain such compliance. A discussion of additional risks and uncertainties can be found in
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SINTX Technologies
801.839.3502
IR@sintx.com
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