Surgalign Holdings, Inc. Announces 1-for-30 Reverse Stock Split
May 16 2022 - 09:00AM
Surgalign Holdings, Inc., (NASDAQ: SRGA) a global medical
technology company focused on elevating the standard of care by
driving the evolution of digital health, today announced that at
its Annual Meeting of Stockholders (“Annual Meeting”) on May 10,
2022, the Board and stockholders of the Company approved a reverse
stock split of the Company’s issued and outstanding shares of its
common stock and authorized the Board to select the ratio of the
reverse stock split.
The Board of Directors has since exercised such discretion to
effect a 1-for-30 reverse stock split which will take effect at the
open of trading on the Nasdaq Global Select Market on Tuesday, May
17, 2022. The Company’s common stock will open for trading under a
new CUSIP on the Nasdaq Global Select Market, on a split-adjusted
basis under the current ticker symbol “SRGA.” The reverse stock
split is intended to increase the per share trading price of the
Company’s common stock to enable the Company to regain compliance
with the minimum bid price requirement for continued listing on the
Nasdaq Global Select Market.
The 1-for-30 reverse stock split will automatically convert 30
current shares of the Company’s common stock into one share of
common stock. No fractional shares will be issued in connection
with the reverse stock split. Stockholders who would otherwise hold
a fractional share of the Company's common stock will receive a
cash payment in lieu thereof at a price equal to that fraction
to which the stockholder would otherwise be entitled multiplied by
the closing trading price of the common stock on the Nasdaq Global
Select Market on Monday, May 16, 2022, and rounded down to the
nearest whole cent.
Proportional adjustments also will be made to the exercise and
conversion prices of the Company's outstanding stock options,
restricted stock units, warrants and convertible notes, and to the
number of shares issued and issuable under the Company's stock
incentive plans.
Stockholders holding their shares electronically in book-entry
form are not required to take any action to receive post-split
shares. Stockholders owning shares through a bank, 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. For those stockholders holding physical stock
certificates, the Company's transfer agent, Broadridge, will send
instructions for exchanging those certificates for shares held
electronically in book-entry form or for new certificates, in
either case representing the post-split number of shares, and any
payments in cash in lieu of fractional shares, if applicable.
In connection with the reverse stock split, the Company's CUSIP
number will change to 86882C204 at the market open on Tuesday, May
17, 2022.
About Surgalign Holdings, Inc.
Surgalign Holdings, Inc. is a global medical technology company
committed to the promise of digital health to drive transformation
across the surgical landscape. Uniquely aligned and resourced to
advance the standard of care, the company is building technologies
physicians and other health providers will look to for what is
truly possible for their patients. Surgalign is focused on
developing solutions that predictably deliver superior clinical and
economic outcomes. Surgalign markets products throughout the United
States and in more than 50 countries worldwide through an expanding
network of top independent distributors. Surgalign is headquartered
in Deerfield, IL, with commercial, innovation and design centers in
San Diego, CA, Warsaw and Poznan, Poland, and Wurmlingen, Germany.
Learn more at www.surgalign.com and connect on LinkedIn and
Twitter.
Forward Looking StatementThis press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on management’s current
expectations, estimates and projections about our products,
company, and industry, our management's beliefs, and certain
assumptions made by our management. Words such as "anticipates,"
"expects," "intends," "plans," "believes," "seeks," "estimates,"
and other variations of such words and similar expressions are
intended to identify such forward-looking statements. These
statements are not guarantees of future performance and are subject
to risks and uncertainties, including the risks described in our
public filings with the U.S. Securities and Exchange Commission
(SEC). Our actual results may differ materially from the
anticipated results reflected in these forward-looking statements.
Copies of the company's SEC filings may be obtained by contacting
the company or the SEC or by visiting Surgalign's website
at www.surgalign.com or the SEC's website
at www.sec.gov.
Investor and Media Contact: Mike Vallie
IR@surgalign.com+1 443 213 0499 |
|
Surgalign Contact:Kristine
Simmonsksimmons@surgalign.com+1 619 206 4648 |
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