SenesTech, Inc., a company at the forefront of animal pest population management, has announced a reverse stock split of its common stock, set to take effect after the market closes today. The split will consolidate every twelve pre-split shares into one post-split share and is scheduled to be effective at 4:01 p.m. Eastern Time on November 16, 2023.
The decision for the reverse stock split was finalized following authorization from the company's stockholders on August 18, 2023. At that time, the stockholders granted the Board of Directors the discretion to choose a split ratio between 1-for-2 and 1-for-12. Ultimately, the Board opted for the maximum ratio of 1-for-12.
Trading on the Nasdaq Capital Market under the symbol SNES will resume on a split-adjusted basis on November 17. This corporate action aims to reduce the number of issued shares from approximately 5.9 million to around 491,589. The change is uniform across all shareholders and preserves their percentage interest in SenesTech without any material alteration.
Additionally, proportional adjustments will be made to outstanding equity awards and warrants as per the company's 2018 Equity Incentive Plan. Stockholders who would otherwise hold a fractional share as a result of the reverse stock split will see their share count rounded up or down depending on whether they are held directly or are subject to equity awards.
SenesTech has been recognized for its contributions to global health through its innovative products such as ContraPest®, which is touted as the only U.S. EPA-registered contraceptive for both male and female rats. Additionally, Evolve™ is designated by the EPA as a minimum risk rat contraceptive. These products align with SenesTech's mission to manage pest populations in a humane manner while supporting efficient pest management programs globally.
The reverse stock split reflects SenesTech's ongoing commitment to maintaining compliance with Nasdaq's listing requirements and improving the marketability and liquidity of its common stock.
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