BlackSky Announces 1-for-8 Reverse Stock Split of Class A Common Stock
BlackSky Technology Inc. (NYSE: BKSY) has announced a 1-for-8 reverse stock split of its Class A common stock, effective September 6, 2024. The stock will begin trading on a split-adjusted basis on September 9, 2024, under the same symbol 'BKSY'. This move will reduce the number of outstanding shares, with every eight shares being reclassified into one new share. The reverse split will not change the number of authorized shares or the par value. Adjustments will be made to outstanding options, restricted stock units, and warrants. No fractional shares will be issued, and affected stockholders will receive cash payments for fractional interests. The company's publicly traded warrants will continue to trade under 'BKSY.W' with adjusted terms.
BlackSky Technology Inc. (NYSE: BKSY) ha annunciato uno scorporo azionario inverso 1-per-8 delle sue azioni ordinarie di Classe A, che entrerà in vigore il 6 settembre 2024. Le azioni inizieranno a essere scambiate sulla base del frazionamento il 9 settembre 2024, sotto lo stesso simbolo 'BKSY'. Questa mossa ridurrà il numero di azioni in circolazione, con ogni otto azioni che saranno riclassificate in una nuova azione. Lo scorporo inverso non cambierà il numero di azioni autorizzate né il valore nominale. Saranno apportate modifiche alle opzioni in circolazione, alle unità di azioni vincolate e ai warrant. Non saranno emesse azioni frazionarie e gli azionisti interessati riceveranno pagamenti in contante per interessi frazionari. I warrant quotati pubblicamente dell'azienda continueranno a essere scambiati sotto 'BKSY.W' con termini aggiustati.
BlackSky Technology Inc. (NYSE: BKSY) ha anunciado un split inverso de acciones 1 por 8 de sus acciones ordinarias de Clase A, que entrará en vigor el 6 de septiembre de 2024. Las acciones comenzarán a cotizar en una base ajustada por el split el 9 de septiembre de 2024, bajo el mismo símbolo 'BKSY'. Este movimiento reducirá el número de acciones en circulación, con cada ocho acciones reclasificadas en una nueva acción. El split inverso no cambiará el número de acciones autorizadas ni el valor nominal. Se harán ajustes a las opciones en circulación, unidades de acciones restringidas y warrants. No se emitirán acciones fraccionarias, y los accionistas afectados recibirán pagos en efectivo por intereses fraccionarios. Los warrants cotizados públicamente de la compañía seguirán negociándose bajo 'BKSY.W' con términos ajustados.
BlackSky Technology Inc. (NYSE: BKSY)는 2024년 9월 6일부터 1대 8 역분할을 실시한다고 발표했습니다. 주식은 2024년 9월 9일부터 분할 조정된 기준으로 동일한 상징 'BKSY' 하에 거래가 시작됩니다. 이 조치는 발행된 주식의 수를 줄이게 되며, 8주가 1주의 새로운 주식으로 재분류됩니다. 역분할은 승인된 주식의 수 또는 액면가에 변화를 주지 않습니다. 발행 중인 옵션, 제한 주식 단위 및 워런트에 대한 조정이 이루어질 것입니다. 분할된 주식은 발행되지 않으며, 영향을 받는 주주들은 분할 이자에 대해 현금 지급을 받게 됩니다. 회사의 공공 거래 워런트는 'BKSY.W'로 계속 거래되며, 조정된 조건으로 거래됩니다.
BlackSky Technology Inc. (NYSE: BKSY) a annoncé un rachat d'actions inversé 1 pour 8 de ses actions ordinaires de Classe A, qui entrera en vigueur le 6 septembre 2024. Les actions commenceront à être négociées sur une base ajustée à la suite du rachat le 9 septembre 2024, sous le même symbole 'BKSY'. Cette mesure réduira le nombre d'actions en circulation, chaque huit actions étant reclassées en une nouvelle action. Le rachat inversé ne changera pas le nombre d'actions autorisées ni la valeur nominale. Des ajustements seront effectués sur les options en circulation, les unités d'actions restrictives et les bons de souscription. Aucune action fractionnaire ne sera émise et les actionnaires concernés recevront des paiements en espèces pour les intérêts fractionnaires. Les bons de souscription négociés publiquement de l'entreprise continueront d'être négociés sous 'BKSY.W' avec des conditions ajustées.
BlackSky Technology Inc. (NYSE: BKSY) hat einen 1-für-8 Rücksplitt seiner Stammaktien der Klasse A angekündigt, der am 6. September 2024 in Kraft tritt. Der Handel mit den umgeschichteten Aktien beginnt am 9. September 2024 unter dem gleichen Symbol 'BKSY'. Dieser Schritt wird die Anzahl der ausgegebenen Aktien reduzieren, indem jede acht Aktien in eine neue Aktie umklassifiziert werden. Der Rücksplit wird die Anzahl der genehmigten Aktien oder den Nennwert nicht ändern. Anpassungen werden an bestehenden Optionen, beschränkten Aktieneinheiten und Warrants vorgenommen. Es werden keine Bruchstücke ausgegeben, und die betroffenen Aktionäre erhalten Barzahlungen für Bruchteile. Die öffentlich gehandelten Warrants des Unternehmens werden weiterhin unter 'BKSY.W' mit angepassten Bedingungen gehandelt.
- Potential to increase share price and attract institutional investors
- Maintains NYSE listing compliance
- Reduction in total number of outstanding shares
- Possible short-term stock price volatility
- Cash payouts for fractional shares may result in minor capital loss for some investors
BlackSky's 1-for-8 reverse stock split is a strategic move to address potential delisting concerns and improve investor perception. This action will reduce the number of outstanding shares by a factor of 8, potentially boosting the stock price. However, it's important to note that this doesn't change the company's underlying value or market capitalization. The adjusted $92.00 warrant exercise price might deter some investors due to its high threshold. While reverse splits can sometimes signal financial distress, they can also pave the way for institutional investors who have minimum share price requirements. Investors should focus on BlackSky's fundamental performance and growth prospects in the satellite imagery sector rather than this technical adjustment.
The reverse stock split reflects BlackSky's attempt to maintain NYSE listing compliance and potentially attract a broader investor base. This move could increase liquidity and reduce volatility in the short term. However, the long-term impact depends on the company's ability to leverage this adjustment for growth. The satellite imagery market is projected to grow at a CAGR of
Class A Common Stock Expected to Begin Trading on Reverse Split-Adjusted Basis on September 9, 2024
The new CUSIP number of the Class A Common Stock following the Reverse Stock Split will be 09263B 207. BlackSky’s publicly traded warrants will continue to be traded on the NYSE under the symbol “BKSY.W,” and the CUSIP number for the publicly traded warrants will remain unchanged.
At the effective time of the Reverse Stock Split, every eight shares of issued Class A Common Stock will be automatically reclassified into one new share of Class A Common Stock. The Reverse Stock Split will not change the number of authorized shares of Class A Common Stock or BlackSky’s preferred stock. The par value per share of the Class A Common Stock will also remain unchanged at
As a result of the Reverse Stock Split, proportionate adjustments will be made to the per share exercise price and the number of shares issuable upon the exercise or settlement of all outstanding BlackSky options and restricted stock units to purchase shares of Class A Common Stock, and the number of shares reserved for issuance pursuant to BlackSky’s equity incentive plans will be reduced proportionately. In addition, proportionate adjustments will be made to BlackSky’s outstanding warrants, resulting in each publicly traded warrant becoming exercisable for 1/8th of a share of Class A Common Stock at an exercise price of
No fractional shares will be issued in connection with the Reverse Stock Split. Stockholders who would otherwise be entitled to receive fractional shares as a result of the Reverse Stock Split will be entitled to a cash payment (without interest) in lieu thereof at a price equal to the number of shares of Class A Common Stock held by such stockholder before the Reverse Stock Split that would otherwise have been exchanged for such fractional share interest multiplied by the closing price per share of the Class A Common Stock on the NYSE on September 6, 2024, the date of the effective time of the Reverse Stock Split.
Continental Stock Transfer & Trust Company is acting as transfer and exchange agent for the Reverse Stock Split. Registered stockholders who hold shares of Class A Common Stock are not required to take any action to receive post-reverse split shares. Stockholders owning shares via a broker, bank, trust or other nominee will have their positions automatically adjusted to reflect the Reverse Stock Split, subject to such broker’s particular processes, and will not be required to take any action in connection with the Reverse Stock Split.
Additional information about the Reverse Stock Split can be found in BlackSky’s definitive proxy statement filed with the Securities and Exchange Commission (the “SEC”) on July 25, 2024, which is available free of charge at the SEC’s website, www.sec.gov, and on BlackSky’s website at: https://ir.blacksky.com.
About BlackSky
BlackSky is a real-time, space-based intelligence company that delivers on-demand, high-frequency imagery, analytics, and high-frequency monitoring of the most critical and strategic locations, economic assets, and events in the world. BlackSky owns and operates one of the industry’s most advanced, purpose-built commercial, real-time intelligence systems that combines the power of the BlackSky Spectra® tasking and analytics software platform and our proprietary low earth orbit satellite constellation.
With BlackSky, customers can see, understand and anticipate changes for a decisive strategic advantage at the tactical edge, and act not just fast, but first. BlackSky is trusted by some of the most demanding
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws with respect to BlackSky. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors, including, without limitation, our ability to complete the Reverse Stock Split, could cause actual future events or results to differ materially from those expressed or implied by the forward-looking statements in this document. If any of these risks materialize or underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward-looking statements reflect our expectations, plans, or forecasts of future events and views as of the date of this communication, and subsequent events and developments could cause our assessments to change. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Additional risks and uncertainties are identified and discussed in BlackSky’s disclosure materials filed from time to time with the SEC which are available at the SEC’s website at www.SEC.gov.
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Investor Contact
Aly Bonilla
VP, Investor Relations
abonilla@blacksky.com
571-591-2864
Media Contact
Pauly Cabellon
Senior Director, External Communications
pcabellon@blacksky.com
571-591-2865
Source: BlackSky Technology Inc.
FAQ
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