SelectQuote, Inc. Cures Stock Price Deficiency; Regains Compliance with NYSE Continued Listing Standards
02 Março 2023 - 9:30AM
Business Wire
SelectQuote, Inc. (NYSE: SLQT) (the “Company”) announced today
that it received notice from the New York Stock Exchange on March
1, 2023 that the Company has regained compliance with the
Exchange’s minimum stock price requirement.
The Company previously received a letter from the New York Stock
Exchange on October 20, 2022 indicating the Company was no longer
in compliance with the Exchange’s continued listing standards, as
the average share price of the Company’s common stock over a
consecutive 30 trading-day period had fallen below $1.00. As of
February 28, 2023, the share price and 30 trading-day average share
price of the Company’s common stock had risen above $1.00, curing
the stock price deficiency.
In light of this development, the Company has no immediate plans
to effect a reverse stock split; however, the Company will still
seek approval of the reverse stock split proposal currently pending
before the Company’s stockholders to afford the Board of Directors
the ability to effect a reverse split in the future if it
determines doing so would be in the best interest of the Company
and its stockholders. Accordingly, the Company still intends to
hold the special stockholder meeting scheduled for 9:00 AM CT on
Thursday, March 2, 2023.
Additional Information and Where to Find It
This communication may be deemed to be solicitation material in
connection with the reverse stock split proposal to be submitted to
the Company’s stockholders at its special meeting on March 2, 2023
(the “Reverse Stock Split Proposal”). As detailed in the Company’s
definitive proxy statement filed with the Securities and Exchange
Commission (the “SEC”) on January 18, 2023 (the “Proxy Statement”),
the Reverse Stock Split proposal seeks to authorize the Company’s
Board of Directors (the “Board”) to adopt an amendment to the
Company’s Certificate of Incorporation to effect a reverse stock
split of the Company’s common stock at a future date if the Board
determines the reverse stock split to be in the best interest of
the Company and its stockholders. This press release does not
contain all the information that should be considered concerning
the Reverse Split Proposal and is not intended to form the basis of
any investment decision or any other decision in respect of the
Reverse Split Proposal. Stockholders and other interested persons
are urged to read the Proxy Statement and all other relevant
documents filed with the SEC, as such documents contain important
information about the Company and the Reverse Split Proposal. The
Proxy Statement and other relevant documents are available free of
charge at the SEC’s website, www.sec.gov, or via the Company’s
website, www.selectquote.com.
Participants in Solicitation
The Company and its directors and executive officers may be
deemed participants in the solicitation of proxies from the
Company’s stockholders with respect to the Reverse Split Proposal.
A list of the names of those directors and executive officers and a
description of their interests in the Company is contained in the
Company’s definitive proxy statement in connection with its 2022
Annual Meeting, which proxy statement was filed with the SEC on
October 6, 2022 and is available free of charge at the SEC’s
website, www.sec.gov, or the Company’s website,
www.selectquote.com. Additional information regarding the interests
of such participants is contained in the Proxy Statement. To the
extent such holdings of the Company’s securities may have changed
since the Proxy Statement was filed, such changes have been or will
be reflected on Statements of Change in Ownership on Form 4 filed
with the SEC.
Forward Looking Statements
This press release contains “forward-looking statements” within
the meaning of the federal securities laws. These forward-looking
statements reflect the Company’s current views with respect to,
among other things, future events. Forward-looking statements are
often, but not always, made through the use of words or phrases
such as “may,” “should,” “could,” “predict,” “potential,”
“believe,” “will likely result,” “expect,” “continue,” “will,”
“anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,”
“would” and “outlook,” or the negative version of those words or
other comparable words or phrases of a future or forward-looking
nature. These forward-looking statements are not historical facts
and are based on our current expectations and assumptions and
analyses made by us in light of our experience and our perception
of historical trends, current conditions, and expected future
developments, as well as other factors we believe are appropriate
under the circumstances. Accordingly, we caution you that any such
forward-looking statements are not guarantees of future performance
and are subject to risks, assumptions, and uncertainties that are
difficult to predict. Although we believe the expectations
reflected in these forward-looking statements are reasonable as of
the date made, actual results may prove to be materially different
from the results expressed or implied in these forward-looking
statements due to a number of factors, many of which are beyond our
control, including the price of our common stock at any given time,
the voting results on any proposal submitted to the Company’s
stockholders, and other factors under the heading “Risk Factors” in
our Annual Report on Form 10-K for the year ended June 30, 2022 and
in other filings that the Company has made and may make with the
SEC in the future. All of the forward-looking statements made in
this press release are qualified by these cautionary statements.
You should not place undue reliance on these forward-looking
statements, which are made only as of the date of this press
release. Except as otherwise required by law, we do not undertake
any obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future
developments, or otherwise.
About SelectQuote
Founded in 1985, SelectQuote (NYSE: SLQT) provides solutions
that help consumers protect their most valuable assets: their
families, health, and property. The company pioneered the model of
providing unbiased comparisons from multiple, highly-rated
insurance companies allowing consumers to choose the policy and
terms that best meet their unique needs. Two foundational pillars
underpin SelectQuote’s success: a strong force of highly-trained
and skilled agents who provide a consultative needs analysis for
every consumer, and proprietary technology that sources and routes
high-quality leads.
With an ecosystem offering high touchpoints for consumers across
Insurance, Medicare, Pharmacy, and Value-Based Care, the company
now has four core business lines: SelectQuote Senior, SelectQuote
Healthcare Services, SelectQuote Life, and SelectQuote Auto and
Home. SelectQuote Senior serves the needs of a demographic that
sees around 10,000 people turn 65 each day with a range of Medicare
Advantage and Medicare Supplement plans. SelectQuote Healthcare
Services is comprised of the SelectRx Pharmacy, a specialized
medication management pharmacy, and Population Health, which
proactively connects its members with best-in-class healthcare
services that fit each member's unique healthcare needs. The
platform improves health outcomes and lowers healthcare costs
through proactive engagement and access to high-value healthcare
solutions.
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version on businesswire.com: https://www.businesswire.com/news/home/20230301006172/en/
Investor Relations: Sloan Bohlen 877-678-4083
investorrelations@selectquote.com
Media: Matt Gunter 913-286-4931 matt.gunter@selectquote.com
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