Woburn, Massachusetts, USA
May 1, 2024
Yield10 Bioscience, Inc. (Nasdaq:YTEN) ("Yield10" or the "Company"), an agricultural bioscience company, today announced that it will effect a 1-for-24 reverse stock split of its common stock, following stockholder approval of the reverse stock split at its special stockholder meeting held on April 26, 2024. The 1-for-24 reverse stock split will be effective as of 5:00 p.m. Eastern Time, after the close of trading on the Nasdaq Capital Market, on Thursday, May 2, 2024, and the Company's common stock will begin trading on a split-adjusted basis on Friday, May 3, 2024.
The reverse stock split will reduce the number of shares of the Company’s common stock currently outstanding from 15,420,951 shares to 642,539 shares.
Proportional adjustments will be made to the Company’s outstanding stock options, warrants and restricted stock units and to the number of shares issued and issuable under the Company's equity compensation plans. The number of authorized shares of the Company's common stock will remain 60 million shares.
The reverse stock split is intended to increase the market price per share of the Company’s common stock to allow the Company to maintain the listing of its common stock on The Nasdaq Capital Market. The Company's common stock will continue to trade on The Nasdaq Capital Market under the symbol "YTEN." The new CUSIP number for the common stock following the reverse stock split will be 98585K854.
Information for Stockholders
Upon the effectiveness of the reverse stock split, each 24 shares of the Company's issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock, par value $0.01 per share. The reverse stock split will not modify the rights or preferences of the common stock. No fractional shares of common stock will be issued as a result of the reverse split. Instead, stockholders who otherwise would be entitled to receive fractional shares will be entitled to receive cash in an amount equal to the product obtained by multiplying (i) the closing price of Yield10 common stock on May 2, 2024, as adjusted for the reverse stock split, by (ii) the number of shares of common stock held by the stockholder that would otherwise have been exchanged for such fractional share interest.
The Company's transfer agent, Equiniti Trust Company, LLC, will act as its exchange agent for the reverse stock split. Registered stockholders holding pre-split shares of the Company’s common stock are not required to take any action to receive post-split shares. Stockholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers' particular processes, and will not be required to take any action in connection with the reverse stock split. Equiniti Trust Company, LLC can be reached at (800) 937-5449.
Additional information about the reverse stock split can be found in the Company's definitive proxy statement filed with the Securities and Exchange Commission on April 4, 2024, a copy of which is available at www.sec.gov or at www.yield10bio.com under the SEC Filings tab located on the Investors page of the Company’s website at www.yield10bio.com.
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