Connect with us

Company News

Vicarious Surgical announces reverse stock split

Vicarious Surgical Inc. announced it will effect a 1-for-30 reverse stock split of the Company’s issued and outstanding Class A common stock, par value $0.0001 per share, and Class B common stock, par value $0.0001 per share.

The reverse stock split was approved by Vicarious Surgical’s shareholders at the Company’s annual shareholder meeting held on June 10, 2024, with the final ratio determined by the Company’s Board of Directors within the ratio range authorized by shareholders. The reverse split is primarily intended to increase the Company’s per share trading price and bring the Company into compliance with the New York Stock Exchange’s listing requirement regarding minimum share price.

The Company anticipates that the 1-for-30 reverse stock split will be effective as of 4:15 p.m. on June 12, 2024 and the Company’s Class A common stock will open for trading through the New York Stock Exchange on a post-split basis on June 13, 2024 under the Company’s existing trading symbol “RBOT”. The new CUSIP number for the Class A common stock following the reverse stock split will be 92561V208. The Company’s publicly-traded warrants will continue to be traded under the symbol “RBOT WS” and the CUSIP identifier for the warrants will remain unchanged.

At the time of the reverse stock split, every 30 shares of the Company’s common stock issued and outstanding will be combined into 1 share of common stock issued and outstanding, with no change to the par value of $0.0001 per share. This will reduce the number of shares of Class A common stock issued and outstanding from approximately 156,762,690 to approximately 5,225,423 and the number of shares of Class B common stock issued and outstanding from approximately 19,619,760 to approximately 653,992. The total authorized number of shares of common stock will remain the same.

No fractional shares will be issued in connection with the reverse stock split. Each stockholder who would otherwise be entitled to receive a fraction of a share of Vicarious Surgical’s common stock will be entitled to receive cash. All outstanding options, warrants, restricted stock units, and similar securities entitling their holders to receive or purchase shares of common stock will be adjusted as a result of the reverse stock split, as required by the terms of each security, and the number of shares of common stock available for issuance under the Company’s equity incentive plans will be adjusted in accordance with the terms of each plan.

Prior to the reverse stock split, the Company has outstanding (i) publicly issued warrants listed on the New York Stock Exchange to purchase a total of 17,248,601 shares of Class A common stock (the “public warrants”) and (ii) privately placed warrants to purchase a total of 10,400,000 shares of Class A common stock (the “private placement warrants” and, together with the public warrants, the “Warrants”), with each whole Warrant being exercisable to purchase one share of Class A common stock at $11.50 per share. After giving effect to the reverse stock split, the Warrants will be exercisable for a total of approximately 921,620 shares of Class A common stock with an exercise price of $345.00 per share.

The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s percentage ownership interest in the Company, except for adjustments that may result from the treatment of fractional shares.
MB Bureau

Copyright © 2024 Medical Buyer

error: Content is protected !!