Root, Inc. Announces 2022 Second Quarter Results; Moving Forward with Reverse Stock Split at 1-for-18 Ratio
August 08 2022 - 4:17PM
Root, Inc. (NASDAQ: ROOT), the parent company of Root Insurance
Company, today announced financial results for the quarter. Root’s
second quarter results and management commentary can be found by
accessing the shareholder letter posted to the company’s investor
relations website at ir.joinroot.com.
Root will host a conference call and earnings webcast to discuss
the results tomorrow, Tuesday, August 9, at 9:00 a.m. Eastern Time,
and to provide an update on company operations. To listen to the
live audio webcast, please visit the News & Events section of
Root’s Investor Relations website at ir.joinroot.com.
Webcast and Conference Call Details:
Date: August 9, 2022Time: 9:00 a.m.
Eastern TimeParticipant Toll-Free Dial-In Number: 1 (888)
660-6392Participant Toll Dial-In Number: 1 (929) 203-0899
Conference ID:
3641459Webcast:
https://ir.joinroot.com/news-events/events
A replay of the webcast will be made available for on-demand
viewing after the call on the Investor Relations page of the
company’s website at ir.joinroot.com.
Additionally, Root announced today that it will proceed with a
1-for-18 reverse stock split previously approved by Root
stockholders at the annual meeting of shareholders on June 7, 2022.
Root plans to file an amendment to its certificate of incorporation
that would effectuate the reverse stock split after the close of
trading on August 12, 2022, and Root Class A common stock is
expected to begin trading on a split-adjusted basis on August 15,
2022.
When the reverse stock split is effective, every eighteen shares
of Root Class A common stock and Class B common stock issued and
outstanding or held as treasury shares as of the effective date
will be automatically combined into one share of Root Class A
common stock or Class B common stock, respectively. Outstanding
equity-based awards, other outstanding equity rights, and the
conversion price of the Company’s Series A Convertible Preferred
Stock will be proportionately adjusted. No fractional shares will
be issued in connection with the reverse stock split. Stockholders
of record otherwise entitled to receive a fractional share as a
result of the reverse stock split will receive a cash payment in
lieu of such fractional shares.
Root Class A common stock will continue trading on the Nasdaq
Stock Market but is expected to trade under a new CUSIP number
starting on August 15, 2022.
Additional information concerning the reverse stock split can be
found in Root’s definitive proxy statement filed with the
Securities and Exchange Commission on April 28, 2022.
About Root, Inc.
Founded in 2015 and based in Columbus, Ohio, Root, Inc. (NASDAQ:
ROOT) is the parent company of Root Insurance Company. Root is
revolutionizing insurance through data science and technology to
provide consumers a personalized, easy, and fair experience. The
Root app has close to 11 million app downloads and has collected
more than 18 billion miles of driving data to inform their
insurance offerings.
For further information on Root, please visit root.com, or
connect with us on Instagram, Twitter, YouTube, and TikTok.
Contacts:
Media:press@root.com
Investor Relations:Christine PatrickTreasurer and VP, Investor
Relationsir@root.com
Forward-Looking Statements:
This press release contains forward-looking statements within
the meaning of federal securities laws regarding Root, Inc.
These forward-looking statements relate to, among other
things, expectations about the timing of the reverse stock
split. Such forward-looking statements are not guarantees of future
performance and are subject to risks, uncertainties and other
factors, some of which are beyond the company's control and are
difficult to predict. We have based our forward-looking
statements on our current expectations, estimates and projections.
We caution that these statements are not guarantees of future
performance and you should not rely unduly on them, as they involve
risks, uncertainties and assumptions that we cannot predict and
many of which are beyond our control. Accordingly, our actual
results may differ materially from the future performance that we
have expressed or forecast in our forward-looking statements. In
accordance with "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, we have included in Root's Form 10-K
for the year ended Dec. 31, 2021, and other SEC filings, cautionary
language identifying important factors, though not necessarily all
such factors, that could cause future outcomes to differ materially
from those set forth in the forward-looking statements. Copies of
Root's Form 10-K and other SEC filings are available on the SEC's
website, Root's website at ir.joinroot.com/investor-relations or by
contacting Root's Investor Relations office.
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