Evogene Announces Expected Implementation of 1-for-10 Reverse Share Split
Evogene (Nasdaq: EVGN) (TASE: EVGN) has announced a 1-for-10 reverse share split of its issued and outstanding Ordinary Shares, expected to be implemented after market close on July 24, 2024. The company's shares will begin trading on a post-reverse split basis on Nasdaq on July 25, 2024, and on the Tel Aviv Stock Exchange on July 28, 2024. Following the split, Evogene will have approximately 5,079,000 Ordinary Shares outstanding, reduced from about 50,790,000. The company's registered share capital will be adjusted to consist of NIS 3,000,000 divided into 15,000,000 Ordinary Shares of NIS 0.2 par value each. No fractional shares will be issued, and proportionate adjustments will be made to outstanding options and RSUs.
Evogene (Nasdaq: EVGN) (TASE: EVGN) ha annunciato un raggruppamento di azioni in un rapporto di 1 per 10 delle sue Azioni Ordinarie emesse e in circolazione, che si prevede sarà effettuato dopo la chiusura del mercato il 24 luglio 2024. Le azioni della società inizieranno a essere scambiate sulla base post-raggruppamento su Nasdaq il 25 luglio 2024 e sulla Borsa di Tel Aviv il 28 luglio 2024. Dopo il raggruppamento, Evogene avrà circa 5.079.000 Azioni Ordinarie in circolazione, ridotte da circa 50.790.000. Il capitale sociale registrato della società sarà adeguato a consistere di NIS 3.000.000 suddivisi in 15.000.000 Azioni Ordinarie di valore nominale NIS 0,2 ciascuna. Non verranno emesse azioni frazionarie e saranno effettuate regolazioni proporzionali sulle opzioni in circolazione e sugli RSU.
Evogene (Nasdaq: EVGN) (TASE: EVGN) ha anunciado un split inverso de acciones de 1 por 10 de sus Acciones Ordinarias emitidas y en circulación, que se espera que se implemente después del cierre del mercado el 24 de julio de 2024. Las acciones de la empresa comenzarán a cotizar en una base posterior al split en Nasdaq el 25 de julio de 2024 y en la Bolsa de Tel Aviv el 28 de julio de 2024. Tras el split, Evogene tendrá aproximadamente 5.079.000 Acciones Ordinarias en circulación, reducidas de aproximadamente 50.790.000. El capital social registrado de la empresa se ajustará para consistir en NIS 3.000.000 divididos en 15.000.000 Acciones Ordinarias con un valor nominal de NIS 0,2 cada una. No se emitirán acciones fraccionarias y se realizarán ajustes proporcionales en las opciones en circulación y en los RSU.
Evogene (Nasdaq: EVGN) (TASE: EVGN)는 발행 및 유통 중인 보통주에 대해 1대 10 비율의 주식 병합을 발표했으며, 이는 2024년 7월 24일 시장 종료 후에 시행될 예정입니다. 회사의 주식은 2024년 7월 25일 Nasdaq에서 그리고 2024년 7월 28일 텔아비브 증권 거래소에서 주식 병합 후 거래를 시작할 것입니다. 병합 후 Evogene는 약 5,079,000주의 보통주가 남게 되며, 이는 약 50,790,000주에서 줄어든 수치입니다. 회사의 등록 자본금은 NIS 3,000,000으로 조정되어 NIS 0.2의 액면가를 가진 15,000,000주의 보통주로 나누어질 것입니다. 분할 주식은 발행되지 않으며, 유통 중인 옵션 및 RSU에 대해 비례 조정이 이루어질 것입니다.
Evogene (Nasdaq: EVGN) (TASE: EVGN) a annoncé un regroupement d'actions de 1 pour 10 de ses actions ordinaires émises et en circulation, qui devrait être mis en œuvre après la clôture du marché le 24 juillet 2024. Les actions de la société commenceront à être échangées sur une base post-regroupement le 25 juillet 2024 sur Nasdaq et le 28 juillet 2024 sur la Bourse de Tel Aviv. Suite au regroupement, Evogene comptera environ 5.079.000 actions ordinaires en circulation, réduites d'environ 50.790.000. Le capital social enregistré de la société sera ajusté pour consister en NIS 3.000.000, répartis en 15.000.000 actions ordinaires d'une valeur nominale de NIS 0,2 chacune. Aucune action fractionnée ne sera émise, et des ajustements proportionnels seront effectués sur les options et RSU en circulation.
Evogene (Nasdaq: EVGN) (TASE: EVGN) hat einen 1-zu-10 Rückwärtssplitt seiner ausgegebenen und im Umlauf befindlichen Stammaktien angekündigt, der voraussichtlich nach Marktschluss am 24. Juli 2024 umgesetzt wird. Die Aktien des Unternehmens werden ab dem 25. Juli 2024 an der Nasdaq und ab dem 28. Juli 2024 an der Tel Aviver Wertpapierbörse auf einer Basis nach dem Rückwärtssplitt gehandelt. Nach dem Splitt wird Evogene etwa 5.079.000 Stammaktien im Umlauf haben, reduziert von etwa 50.790.000. Das eingetragene Aktienkapital des Unternehmens wird auf NIS 3.000.000 angepasst, aufgeteilt in 15.000.000 Stammaktien mit einem Nennwert von NIS 0,2. Es werden keine Bruchstücke von Aktien ausgegeben, und es werden proportionale Anpassungen an bestehenden Optionen und RSUs vorgenommen.
- Reverse share split may help maintain Nasdaq listing requirements
- Potential increase in share price could attract institutional investors
- No change in company's market capitalization
- Potential for increased stock price volatility post-split
A reverse share split reduces the number of shares in circulation without changing a company's market capitalization. This means each remaining share represents a larger piece of the company. For Evogene, reducing the number of shares from approximately 50,790,000 to around 5,079,000 could make the stock more attractive to institutional investors who often prefer higher-priced shares, potentially increasing liquidity and stability.
For retail investors, the immediate impact might be neutral as their proportional ownership and the investment value remain unchanged. However, a reverse split can sometimes be perceived as a move to meet exchange listing requirements rather than a strategy to enhance shareholder value. This perception might create short-term volatility.
The reverse share split might help Evogene avoid delisting from Nasdaq if its share price was falling dangerously low. Maintaining a listing on a major exchange like Nasdaq is important for credibility and visibility in the market. This move could, therefore, be a defensive tactic to maintain compliance with Nasdaq's listing standards, which typically require a minimum share price of $1.
For long-term investors, the key will be Evogene's underlying business performance. If the company can demonstrate growth and stability through its computational biology technologies, the reverse split might be a beneficial step toward improving market perception and investor confidence.
Following the reverse share split, the Company will have approximately 5,079,000 Ordinary Shares issued and
outstanding
REHOVOT,
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The reverse share split was approved by the Company's shareholders at the Company's Annual Meeting of Shareholders held on June 13, 2024, to be effected at the board of directors' discretion within approved parameters.
Following the implementation of the reverse split, the Company's registered share capital under the Company's amended and restated articles of association, as currently in effect (the "Articles"), which as of the date hereof consists of NIS 3,000,000 divided into 150,000,000 Ordinary Shares of
No fractional Ordinary Shares will be issued as a result of the reverse split. In accordance with the Company's Articles, all fractional shares shall be rounded to the nearest whole ordinary share, such that only shareholders holding fractional consolidated shares of more than half of the number of shares which consolidation constitutes one whole share, shall be entitled to receive one consolidated share. No cash will be paid with respect to any fractional shares. In addition, proportionate adjustments will be made to the number of shares issuable upon the exercise of all outstanding options entitling the holders to purchase Ordinary Shares (with a reciprocal increase in the per share exercise price) and to the number of Ordinary Shares underlying outstanding Restricted Share Units (RSUs).
About Evogene Ltd.:
Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN) is a computational biology company leveraging big data and artificial intelligence, aiming to revolutionize the development of life-science-based products by utilizing cutting-edge technologies to increase the probability of success while reducing development time and cost.
Evogene established three unique tech-engines - MicroBoost AI, ChemPass AI and GeneRator AI. Each tech-engine is focused on the discovery and development of products based on one of the following core components: microbes (MicroBoost AI), small molecules (ChemPass AI), and genetic elements (GeneRator AI).
Evogene uses its tech-engines to develop products through strategic partnerships and collaborations, and its five subsidiaries including:
- Biomica Ltd. (www.biomicamed.com) developing and advancing novel microbiome-based therapeutics to treat human disorders powered by MicroBoost AI;
- Lavie Bio Ltd. (www.lavie-bio.com) - developing and commercially advancing, microbiome based ag-biologicals powered by MicroBoost AI;
- AgPlenus Ltd. (www.agplenus.com) -developing next generation ag chemicals for effective and sustainable crop protection powered by ChemPass AI;
- Casterra Ag Ltd. (www.casterra.co)– developing and marketing superior castor seed varieties producing high yield and high-grade oil content, on an industrial scale for the biofuel and other industries powered by GeneRator AI.
For more information, please visit: www.evogene.com.
Forward Looking Statements
This press release contains "forward-looking statements" relating to future events. These statements may be identified by words such as "may", "could", "expects", "hopes" "intends", "anticipates", "plans", "believes", "scheduled", "estimates", "demonstrates" or words of similar meaning. For example, Evogene is using forward-looking statements in this press release when it discusses its plan to effectuate a reverse share split of its ordinary shares and the timing related to such reverse share split. Such statements are based on current expectations, estimates, projections and assumptions, describe opinions about future events, involve certain risks and uncertainties which are difficult to predict and are not guarantees of future performance. Therefore, actual future results, performance or achievements of Evogene and its subsidiaries may differ materially from what is expressed or implied by such forward-looking statements due to a variety of factors, many of which are beyond the control of Evogene and its subsidiaries, including, without limitation, the current war between
Investor Relations Contact
Rachel Pomerantz Gerber I Head of Investor Relations at Evogene
rachel.pomerantz@evogene.com I Tel: +972-8-9311901
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SOURCE Evogene
FAQ
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