Desktop Metal to Effect a Reverse Stock Split
07 Junho 2024 - 3:28PM
Business Wire
DM common stock expected to begin trading on a
1-to-10 split-adjusted basis on June 11, 2024
Desktop Metal, Inc. (NYSE: DM) (the “Company”) announced today
that its Board of Directors has approved a 1-for-10 reverse stock
split of the Company’s Class A common stock. The reverse stock
split will become effective at 5:00 p.m. Eastern Time on June 10,
2024, after close of trading on the New York Stock Exchange
(“NYSE”). The Company’s Class A common stock is expected to
commence trading on a split-adjusted basis when the markets open on
June 11, 2024 under the existing trading symbol “DM.” The new CUSIP
number for the Company’s Class A common stock following the reverse
stock split will be 25058X 303.
The primary goal of the reverse stock split is to increase the
per share market price of the Company’s Class A common stock to
meet the minimum per share bid price requirement for continued
listing on the NYSE. The reverse stock split was approved by the
Company’s stockholders at its annual meeting of stockholders held
on June 7, 2024. On June 7, 2024, following the annual meeting of
stockholders, the Company’s Board of Directors approved the reverse
stock split at the ratio of 1-for-10.
As a result of the reverse stock split, every 10 shares of the
Company’s Class A common stock issued and outstanding will be
automatically reclassified into one new share of the Company’s
Class A common stock. Proportionate adjustments will be made to the
exercise prices and the number of shares underlying the Company’s
outstanding equity awards, as applicable, as well as to the number
of shares issuable under the Company’s equity incentive plans and
certain existing agreements. The common stock issued pursuant to
the reverse stock split will remain fully paid and non-assessable.
The reverse stock split will not affect the number of authorized
shares of common stock or the par value of the common stock.
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 in lieu thereof at a price equal
to the fraction to which the stockholder would otherwise be
entitled multiplied by the closing sales price per share of the
common stock (as adjusted to give effect to the reverse stock
split) on the NYSE on June 10, 2024, the last trading day
immediately preceding the effective time of the reverse stock
split.
Continental Stock Transfer & Trust (“Continental”), the
Company’s transfer agent, is acting as the exchange agent for the
reverse stock split. Stockholders holding their shares
electronically in book-entry form and stockholders who hold their
shares through a bank, broker or other nominee will not need to
take any action. The Company does not have any outstanding
certificated shares. Stockholders owning shares through a bank,
broker or other nominee will have their positions adjusted to
reflect the Reverse Stock Split and will receive payment for any
fractional shares in accordance with their respective bank’s,
broker’s, or nominee’s particular processes.
Additional information about the reverse stock split can be
found in the Company’s definitive proxy statement filed with the
Securities and Exchange Commission (the “SEC”) on April 23, 2024,
which is available free of charge at the SEC’s website,
www.sec.gov, and on the Company’s website at desktopmetal.com.
About Desktop Metal, Inc.
Desktop Metal (NYSE:DM) is driving Additive Manufacturing 2.0, a
new era of on-demand, digital mass production of industrial,
medical, and consumer products. Our innovative 3D printers,
materials, and software deliver the speed, cost, and part quality
required for this transformation. We’re the original inventors and
world leaders of the 3D printing methods we believe will empower
this shift, binder jetting and digital light processing. Today, our
systems print metal, polymer, sand and other ceramics, as well as
foam and recycled wood. Manufacturers use our technology worldwide
to save time and money, reduce waste, increase flexibility, and
produce designs that solve the world’s toughest problems and enable
once-impossible innovations. Learn more about Desktop Metal and our
#TeamDM brands at www.desktopmetal.com.
Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the federal
securities laws. Forward-looking statements generally relate to
future events, such as the expected timing of the reverse stock
split, the impact of the reverse stock split on the Company’s share
price, and the Company’s ability to meet the minimum per share bid
price requirement for continued listing on the NYSE. You are
cautioned that such statements are not guarantees of future
performance and that Desktop Metal’s actual results may differ
materially from those set forth in the forward-looking statements.
All of these forward-looking statements are subject to risks and
uncertainties that may change at any time. Factors that could cause
Desktop Metal’s actual expectations to differ materially from these
forward-looking statements include Desktop Metal’s ability to
continue to comply with applicable listing standards of the NYSE
and the other factors under the heading “Risk Factors” set forth in
Desktop Metal’s Annual Report on Form 10-K, as supplemented by
Desktop Metal’s quarterly reports on Form 10-Q. Such filings are
available on our website or at www.sec.gov. You should not place
undue reliance on these forward-looking statements, which are made
only as of the date of this press release. Desktop Metal undertakes
no obligation to publicly update or revise forward-looking
statements to reflect subsequent developments, events, or
circumstances, except as may be required under applicable
securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20240607742834/en/
Investor Relations: (857) 504-1084
DesktopMetalIR@icrinc.com
Media Relations: Sarah Webster (313) 715-6988
sarahwebster@desktopmetal.com
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