Common Stock Will Begin Trading on a
Split-Adjusted Basis on November 16,
2022
PHOENIX, Nov. 15,
2022 /PRNewswire/ -- SenesTech, Inc. (NASDAQ: SNES,
"SenesTech" or the "Company") (www.senestech.com) the rodent
fertility control experts and inventors of the only EPA registered
contraceptive for male and female rats, ContraPest®,
today announced that it intends to effect a reverse stock split of
its common stock at a ratio of 1 post-split share for every 20
pre-split shares. The reverse stock split will become effective at
11:59 p.m, Eastern Time, on November 15,
2022. The Company's common stock will continue to be traded
on the Nasdaq Capital Market under the symbol "SNES" and will begin
trading on a split-adjusted basis when the market opens on
November 16, 2022.
At a special meeting of stockholders held on October 12, 2022, the Company's stockholders
granted the Company's Board of Directors the discretion to effect a
reverse stock split of the Company's common stock through an
amendment to its Amended and Restated Certificate of Incorporation,
as amended, at a ratio of not less than 1-for-5 and not more than
1-for-20, with such ratio to be determined by the Company's Board
of Directors.
At the effective time of the reverse stock split, every 20
shares of the Company's issued and outstanding common stock will be
converted automatically into one issued and outstanding share of
common stock without any change in the par value per share.
Stockholders holding shares through a brokerage account will have
their shares automatically adjusted to reflect the 1-for-20 reverse
stock split. It is not necessary for stockholders holding shares of
the Company's common stock in certificated form to exchange their
existing stock certificates for new stock certificates of the
Company in connection with the reverse stock split, although
stockholders may do so if they wish.
The reverse stock split will affect all stockholders uniformly
and will not alter any stockholder's percentage interest in the
Company's equity, except to the extent that the reverse stock split
would result in a stockholder owning a fractional share. Any
fractional share of a stockholder resulting from the reverse stock
split will either be (i) rounded up to the nearest whole share of
common stock, if such shares of common stock are held directly; or
(ii) rounded down to the nearest whole share of common stock, if
such shares are subject to an award granted under the Company's
2018 Equity Incentive Plan, in order to comply with the
requirements of Sections 409A and 424 of the Internal Revenue Code
of 1986. The reverse stock split will reduce the number of shares
of the Company's common stock outstanding from 12,212,950 shares to
approximately 610,648 shares. Proportional adjustments will be made
to the number of shares of the Company's common stock issuable upon
exercise or conversion of SenesTech's equity awards and warrants,
as well as the applicable exercise price. Stockholders whose shares
are held in brokerage accounts should direct any questions
concerning the reverse stock split to their broker. All
stockholders of record may direct questions to the Company's
transfer agent, Transfer Online, Inc., at (503) 227-2950.
About SenesTech
We are "The Pest Control Difference" for the 21st century.
We are rodent fertility control specialists fueled by our passion
to create a healthy environment by virtually eliminating rodent
pest populations. We keep an inescapable truth in mind.
Two rats and their descendants can be responsible for the birth of
up to 15,000 rat pups after a year. We invented ContraPest,
the only U.S. EPA registered contraceptive for male and
female rats. ContraPest fits seamlessly into all integrated
pest management programs, greatly improving the overall goal of
effective rat management. We strive for clean cities,
efficient businesses and happy households – with a product that was
designed to be effective and sustainable without killing rats.
At SenesTech, we don't just eliminate rats. We make a
better world.
For more information visit https://senestech.com/ and
https://contrapeststore.com.
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of federal securities laws, and we intend that such
forward-looking statements be subject to the safe harbor created
thereby. Such forward-looking statements include, among
others, the expected timing of the reverse stock split and number
of shares outstanding after the reverse stock split.
Forward-looking statements may describe future expectations, plans,
results or strategies and are often, but not always, made through
the use of words such as "believe," "may," "future," "plan,"
"will," "should," "expect," "anticipate," "eventually," "project,"
"estimate," "continuing," "intend" and similar words or
phrases. You are cautioned that such statements are subject
to risks, uncertainties and other factors that could cause actual
results to differ materially from those reflected by such
forward-looking statements. Such factors include, among
others, the impacts and implications of the COVID-19 pandemic, the
successful commercialization of our products, market acceptance of
our products, regulatory approval and regulation of our products
and other factors and risks identified from time to time in our
filings with the Securities and Exchange Commission, including our
Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and Registration Statement
under the Securities Act of 1933 on Form S-1 filed with the
Securities and Exchange Commission on October 24, 2022. All forward-looking
statements contained in this press release speak only as of the
date on which they were made and are based on management's
assumptions and estimates as of such date. Except as required
by law, we do not undertake any obligation to publicly update any
forward-looking statements, whether as a result of the receipt of
new information, the occurrence of future events or
otherwise.
CONTACT:
Investors: Robert Blum, Joe
Dorame, Joe Diaz, Lytham Partners, LLC,
602-889-9700, senestech@lythampartners.com
Company: Tom Chesterman, Chief Financial Officer,
SenesTech, Inc., 928-779-4143
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SOURCE SenesTech, Inc.