Common Stock Will Begin Trading on a
Split-Adjusted Basis on July 25,
2024
PHOENIX, July 23,
2024 /PRNewswire/ -- SenesTech, Inc.
(NASDAQ: SNES, "SenesTech" or the "Company") (www.senestech.com)
the leader in fertility control to manage animal pest populations,
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 10
pre-split shares. The reverse stock split will become effective at
4:01 p.m, Eastern Time, on July 24,
2024. 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
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 U.S. EPA-registered contraceptive for male and female rats,
and Evolve™, an EPA-designated minimum risk contraceptive currently
offered for rats. ContraPest and Evolve fit seamlessly into all
integrated pest management programs, significantly improving the
overall goal of effective pest management. We strive for clean
cities, efficient businesses, and happy households – with a product
designed to be humane, effective and sustainable.
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.