Yield10 Bioscience Announces 1-for-40 Reverse Stock Split
January 15 2020 - 12:15PM
Yield10 Bioscience, Inc. (Nasdaq:YTEN), an agricultural bioscience
company that uses its “Trait Factory” to develop high value seed
traits for the agriculture and food industries, today announced
that it will effect a 1-for-40 reverse stock split of its common
stock, following stockholder approval of the reverse stock split at
the Company's special stockholders meeting held on January 9, 2020.
The 1-for-40 reverse stock split will be effective as of the close
of business on Wednesday, January 15, 2020 and the Company's common
stock will begin trading on a split-adjusted basis on Thursday,
January 16, 2020.
The reverse stock split will reduce the number of shares of the
Company’s common stock currently outstanding from 39,986,201 shares
to 999,655 shares. Further, upon the effectiveness of the reverse
stock split, the Series B preferred stock issued by the Company in
its November 2019 private placement will automatically be converted
into 718,750 shares of common stock, resulting in a total of
1,718,405 outstanding shares of common stock.
Proportional adjustments will be made to the Company’s
outstanding stock options, warrants and restricted stock units and
to the number of shares issued and issuable under the Company's
equity compensation plans. The number of authorized shares of the
Company's common stock will remain 60 million shares. In addition,
the warrants to purchase common stock issued in the November 2019
private placement are now exercisable.
The reverse stock split is intended to increase the market price
per share of the Company’s common stock to allow the Company to
maintain the listing of its common stock on The Nasdaq Capital
Market. The Company's common stock will continue to trade on The
Nasdaq Capital Market under the symbol "YTEN." The new CUSIP number
for the common stock following the reverse stock split will be
98585K862.
Information for Stockholders
Upon the effectiveness of the reverse stock split, each forty
(40) shares of the Company's issued and outstanding common stock
will be automatically combined and converted into one issued and
outstanding share of common stock, par value $0.01 per share. The
reverse stock split will not modify the rights or preferences of
the common stock. No fractional shares of common stock will be
issued as a result of the reverse split. Instead, stockholders who
otherwise would be entitled to receive fractional shares will be
entitled to receive cash in an amount equal to the product obtained
by multiplying (i) the closing price of Yield10 common stock
on January 15, 2020, by (ii) the number of shares of common
stock held by the stockholder that would otherwise have been
exchanged for such fractional share interest.
The Company's transfer agent, American Stock Transfer &
Trust Company, LLC, will act as its exchange agent for the reverse
stock split. Registered stockholders holding pre-split shares of
the Company’s common stock are not required to take any action to
receive post-split shares. Stockholders owning shares via a broker
or other nominee will have their positions automatically adjusted
to reflect the reverse stock split, subject to brokers' particular
processes, and will not be required to take any action in
connection with the reverse stock split. American Stock Transfer
& Trust Company, LLC can be reached at (877) 248-6417 or (718)
921-8317.
Additional information about the reverse stock split can be
found in the Company's definitive proxy statement filed with the
Securities and Exchange Commission on December 5, 2019, a copy of
which is available at www.sec.gov or at www.yield10bio.com under
the SEC Filings tab located on the Investors page.
About Yield10
Bioscience
Yield10 Bioscience, Inc. is an agricultural bioscience company
which uses its “Trait Factory” to develop high value seed traits
for the agriculture and food industries to achieve step-change
improvements in crop yield to enhance global food security and
develop specialty crop products. Yield10 has an extensive track
record of innovation based around optimizing the flow of carbon in
living systems. The “Trait Factory” has two components: the “GRAIN”
computational modeling platform, which is used to identify specific
gene changes designed to improve crop performance, and the
deployment of those changes into crops using genome-editing or
traditional agricultural biotechnology approaches. The purpose of
the “Trait Factory” is to engineer precise alterations to gene
activity and the flow of carbon in plants to produce higher yields
with lower inputs of land, water or fertilizer. Yield10 is
advancing several yield traits it has developed in crops such as
canola, soybean and corn. Yield10 is headquartered in Woburn, MA
and has an Oilseeds Center of Excellence in Saskatoon,
Canada.
For more information about the company, please visit
www.yield10bio.com.
(YTEN-G)
Safe Harbor for Forward-Looking
Statements
This press release contains forward-looking statements which are
made pursuant to the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The forward-looking
statements in this release do not constitute guarantees of future
performance. Investors are cautioned that statements in this press
release which are not strictly historical, including, without
limitation, statements regarding the Company's expectations for the
impact of the reverse split on the market price of the Company’s
stock and the Company’s ability to regain compliance with Nasdaq
listing requirements, constitute forward-looking statements. Such
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from those anticipated, including the risks and uncertainties
detailed in Yield10 Bioscience's filings with the Securities and
Exchange Commission. Yield10 assumes no obligation to update any
forward-looking information contained in this press release or with
respect to the matters described herein.
Contacts: Yield10
Bioscience:Lynne H. Brum, (617) 682-4693, LBrum@yield10bio.com
Investor Relations: Bret Shapiro, 561-479-8566,
brets@coreir.comManaging Director, CORE IR
Media Inquiries: Eric Fischgrund, eric@fischtankpr.com FischTank
Marketing and PR
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