SenesTech Announces Reverse Stock Split
SenesTech (NASDAQ: SNES) has announced a 1-for-10 reverse stock split effective July 24, 2024, at 4:01 p.m. Eastern Time. The company's common stock will continue trading on the Nasdaq Capital Market under the symbol 'SNES' and will begin trading on a split-adjusted basis on July 25, 2024. This decision follows stockholder approval at the annual meeting on July 11, 2024.
The reverse split will reduce SenesTech's issued common stock from 5,144,632 shares to approximately 514,464 shares. Stockholders' percentage interest in the company will remain unchanged, except for minor adjustments due to fractional shares. Proportional adjustments will be made to equity awards and warrants.
SenesTech (NASDAQ: SNES) ha annunciato uno scissione azionaria inversa 1-per-10 che entrerà in vigore il 24 luglio 2024 alle 16:01, ora dell'Est. Le azioni ordinarie della società continueranno a essere scambiate sul Nasdaq Capital Market con il simbolo 'SNES' e inizieranno a essere negoziate su base regolata il 25 luglio 2024. Questa decisione segue l'approvazione degli azionisti durante l'assemblea annuale dell'11 luglio 2024.
La scissione inversa ridurrà il numero di azioni ordinarie emesse da SenesTech da 5.144.632 a circa 514.464 azioni. La percentuale di interesse degli azionisti nella società rimarrà invariata, eccetto per piccoli aggiustamenti dovuti a frazioni di azioni. Saranno effettuati aggiustamenti proporzionali a premi azionari e warrant.
SenesTech (NASDAQ: SNES) ha anunciado una división de acciones inversa 1 por 10 que entrará en vigor el 24 de julio de 2024 a las 4:01 p.m., hora del Este. Las acciones ordinarias de la compañía continuarán cotizando en el Nasdaq Capital Market bajo el símbolo 'SNES' y comenzarán a cotizar en una base ajustada por la división el 25 de julio de 2024. Esta decisión sigue la aprobación de los accionistas en la reunión anual del 11 de julio de 2024.
La división inversa reducirá el número de acciones ordinarias emitidas de SenesTech de 5,144,632 a aproximadamente 514,464 acciones. El porcentaje de interés de los accionistas en la compañía permanecerá sin cambios, excepto por pequeños ajustes debido a acciones fraccionarias. Se realizarán ajustes proporcionales a las recompensas de acciones y warrants.
SenesTech (NASDAQ: SNES)는 2024년 7월 24일 오후 4시 1분 동부 표준시를 기준으로 1주를 10주로 병합하는 역주식분할을 발표했습니다. 회사의 보통주는 'SNES'라는 심볼로 Nasdaq 자본 시장에서 계속 거래되며, 2024년 7월 25일부터 분할 조정 기준으로 거래를 시작합니다. 이 결정은 2024년 7월 11일 연례 회의에서 주주들의 승인을 따른 것입니다.
역주식분할로 인해 SenesTech이 발행한 보통주의 수는 5,144,632주에서 약 514,464주로 줄어들게 됩니다. 주주들의 회사에 대한 지분 비율은 조정 사항이 조금 있겠지만 대체로 변경되지 않을 것입니다. 자산 상여금과 워런트에 대해서도 비례 조정이 이루어질 것입니다.
SenesTech (NASDAQ: SNES) a annoncé un fractionnement inversé d'actions de 1 pour 10 qui sera effectif le 24 juillet 2024 à 16h01, heure de l'Est. Les actions ordinaires de l'entreprise continueront d'être échangées sur le marché Nasdaq Capital sous le symbole 'SNES' et commenceront à être échangées sur une base ajustée après le fractionnement le 25 juillet 2024. Cette décision fait suite à l'approbation des actionnaires lors de l'assemblée annuelle du 11 juillet 2024.
Le fractionnement inversé réduira le nombre d'actions ordinaires émises par SenesTech de 5 144 632 actions à environ 514 464 actions. Le pourcentage d'intérêt des actionnaires dans l'entreprise restera inchangé, sauf pour de légers ajustements dus aux actions fractionnaires. Des ajustements proportionnels seront apportés aux attributions d'actions et aux bons de souscription.
SenesTech (NASDAQ: SNES) hat eine 1-zu-10-Rückwärtsteilung der Aktien angekündigt, die am 24. Juli 2024 um 16:01 Uhr Eastern Time wirksam wird. Die Stammaktien des Unternehmens werden weiterhin unter dem Symbol 'SNES' an der Nasdaq Capital Market gehandelt und beginnen am 25. Juli 2024 auf einer nach der Teilung angepassten Basis zu handeln. Diese Entscheidung folgt auf die Genehmigung durch die Aktionäre auf der Hauptversammlung am 11. Juli 2024.
Die Rückwärtsteilung wird die ausgegebenen Stammaktien von SenesTech von 5.144.632 Aktien auf etwa 514.464 Aktien reduzieren. Der prozentuale Anteil der Aktionäre am Unternehmen bleibt unverändert, abgesehen von geringfügigen Anpassungen aufgrund von Bruchstücken. Proportionale Anpassungen werden auch an Eigenkapitalvergütungen und Optionen vorgenommen.
- Potential to maintain Nasdaq listing compliance
- Stockholder approval obtained for the reverse split
- No change in stockholders' percentage interest in the company (excluding fractional shares)
- Significant reduction in total number of outstanding shares
- Potential negative market perception of reverse splits
- Possible short-term stock price volatility
The reverse stock split announced by SenesTech might have critical implications for both current and potential investors. A 1-for-10 reverse split generally seeks to address share price levels that are perceived as too low, potentially to avert delisting from the Nasdaq Capital Market due to minimum bid price requirements. However, it is important to note that while such splits can make the stock appear more prestigious by elevating the price per share, they do not fundamentally alter the company’s market capitalization or intrinsic value. For retail investors, the immediate effect will be a reduction in the number of shares they hold, though their total equity stake remains unchanged. This maneuver could suggest attempts at financial restructuring or responding to perceived vulnerabilities in stock performance. Investors should watch subsequent earnings reports and strategic announcements closely to gauge the effectiveness of this action.
The 1-for-10 reverse stock split could also be interpreted as a defensive mechanism, potentially indicating underlying financial difficulties that the company aims to camouflage by reducing the number of outstanding shares. Historically, reverse stock splits are sometimes viewed negatively by the market as they may signal distress or desperation—although this is not always the case. For SenesTech, a leader in fertility control for animal pest populations, this could also be part of a broader strategy to reallocate capital or make shares more attractive to institutional investors who might have restrictions on purchasing low-priced stocks. Investors should keep an eye on market sentiment post-split and monitor any changes in trading volumes or shifts in shareholder composition.
From a technological standpoint, SenesTech's focus on fertility control for managing animal pest populations is a niche but growing field with significant market potential. The reverse stock split might be a strategic move to strengthen their position in the market or secure additional funding. However, this maneuver does not impact the core technology or its development trajectory. Investors should look for further innovations or technological advancements in SenesTech's product pipeline as an indicator of long-term growth potential. If the reverse split is followed by significant technological breakthroughs or new product launches, it could mitigate any initial negative sentiment stemming from the split.
Common Stock Will Begin Trading on a Split-Adjusted Basis on July 25, 2024
At the annual meeting of stockholders held on July 11, 2024, 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-2 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 10 shares of the Company's issued common stock will be converted automatically into one issued 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-10 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 issued shares of the Company's common stock from 5,144,632 shares to approximately 514,464 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 committed to improving the health of the world by humanely managing animal pest populations through fertility control. We are experts in fertility control to manage animal pest populations. We invented ContraPest®, the only
For more information visit https://senestech.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 successful commercialization of our products; market acceptance of our products; our financial performance, including our ability to fund operations; our ability to regain and maintain compliance with Nasdaq's continued listing requirements; and 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, 2023. 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, 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.
FAQ
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