GeneDx, a leader in delivering improved health outcomes through genomic and clinical insights, has announced that its board of directors has approved a 1-for-33 reverse stock split of the Company’s Class A common stock.
The reverse stock split, which will open for trading on the Nasdaq Global Select Market on Thursday, May 4, 2023, is intended to enable GeneDx to regain compliance with the minimum bid price required for continued listing on Nasdaq.
The reverse stock split was approved by GeneDx’s stockholders on April 14, 2023, and the final ratio was determined by the Company’s board of directors on April 24, 2023. With this move, GeneDx is taking a step towards greater financial stability and improved health outcomes through its genomic and clinical insights.
On April 28, 2023, the Company took steps to strengthen its stock portfolio by filing an amendment to its certificate of incorporation with the Secretary of State of Delaware. This amendment included a reverse stock split, leaving the authorized shares of the Company’s Class A common stock at an impressive 1,000,000,000 and the par value of the Class A common stock remaining at an economical $0.0001 per share.
GeneDx is undergoing a 1-for-33 reverse stock split, which will reduce the number of outstanding Class A common stock from approximately 844,390,968 shares to approximately 25,587,605 shares. Each stockholder will receive one share of Class A common stock in lieu of any fractional shares that would have been issued.
In addition, the exercise prices of GeneDx’s outstanding stock options and warrants, and the number of shares issued and issuable under GeneDx’s outstanding equity-based awards, will also be proportionally adjusted.
Continental Stock Transfer & Trust Company is here to help make the reverse stock split a breeze! For those holding their shares electronically in book-entry form, you won’t have to do a thing to receive your post-split shares.
And if you own your shares through a bank, broker, or other nominee, don’t worry – your positions are automatically being adjusted to reflect the reverse stock split, and you won’t have to take any actions either. It’s that easy!
The Company recently announced a reverse stock split, and investors can find out more about this move by reading the definitive proxy statement on Schedule 14A filed with the SEC on March 31, 2023. Stay informed and up-to-date on the Company’s latest endeavors and make sure to take note of any potential changes to your portfolio.