At the Company's annual meeting of stockholders held on July 2, 2024, the Company's stockholders granted the Company's Board of Directors the discretion to effect a reverse split of the Company's Common Stock 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. Subsequently, the final split ratio of 1-for-20 was approved by the Company's Board of Directors, with such reverse split to be effective as of October 8, 2024.
As a result of the reverse split, every 20 shares of the Company's Common Stock issued and outstanding will be automatically combined into one share of Common Stock, with no change in the $0.001 par value per share. The 1-for-20 reverse split will proportionally reduce the number of outstanding shares of Company Common Stock from approximately 19 million shares to approximately 0.95 million shares (subject to rounding of fractional shares, which will be paid in cash). The reverse split will affect all stockholders uniformly and will not affect any stockholder's ownership percentage of the Company's shares which will remain unchanged other than as a result of fractional shares. Proportional adjustments will be made to the number of shares of SG DevCo's Common Stock issuable upon exercise or conversion of the Company's outstanding equity awards, debentures and warrants, as well as the applicable conversion price and exercise price. There ...
