STAMFORD, Conn., April 28, 2023 (GLOBE NEWSWIRE) — GeneDx (Nasdaq: WGS), a leader in delivering improved health outcomes through genomic and clinical insights, today announced that its board of directors has approved a 1-for-33 reverse stock split of the Company’s Class A common stock. The Class A common stock will open for trading on the Nasdaq Global Select Market on Thursday, May 4, 2023 on a split-adjusted basis under the current trading symbol “WGS”. In connection with the reverse stock split, the CUSIP numbers for the Company’s Class A common stock will change to 81663L 200 and for the Company’s public warrants to 81663L 127. The reverse stock split is intended to enable GeneDx to regain compliance with the minimum bid price required for continued listing on the Nasdaq Global Select Market. The reverse stock split was approved by GeneDx’s stockholders on April 14, 2023, with the final ratio determined by the Company’s board of directors on April 24, 2023.
The Company filed an amendment to its certificate of incorporation with the Secretary of State of Delaware on April 28, 2023. The reverse stock split will not reduce the number of authorized shares of the Company’s Class A common stock, which will remain at 1,000,000,000, and will not change the par value of the Class A common stock, which will remain at $0.0001 per share.
The 1-for-33 reverse stock split will automatically convert 33 current shares of GeneDx’s Class A common stock into one new share of Class A common stock. Fractional shares will not be issued in connection with the reverse stock split. Each stockholder who would otherwise hold a fractional share of Class A common stock as a result of the reverse stock split will receive one share of Class A common stock in lieu of such fractional share. The reverse split will reduce the number of shares of outstanding Class A common stock from approximately 844,390,968 shares to approximately 25,587,605 shares. Proportional adjustments also will be made to the exercise prices of GeneDx’s outstanding stock options and warrants, and to the number of shares issued and issuable under GeneDx’s outstanding equity-based awards.
Continental Stock Transfer & Trust Company (“Continental”) will act as the transfer agent for the reverse stock split. Stockholders holding their shares electronically in book-entry form are not required to take any action to receive post-split shares. Stockholders owning shares through a bank, 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.
Additional information concerning the reverse stock split can be found in the Company’s definitive proxy statement on Schedule 14A filed with the SEC on March 31, 2023.
About GeneDx
GeneDx, (Nasdaq: WGS) delivers personalized and actionable health insights to inform diagnosis, direct treatment and improve drug discovery. The company is uniquely positioned to accelerate the use of genomic and large-scale clinical information to enable precision medicine as the standard of care. GeneDx is at the forefront of transforming healthcare through its industry-leading exome and genome testing and interpretation, fueled by one of the world’s largest rare disease data sets. For more information, please visit genedx.com and connect with us on LinkedIn, Facebook, and Instagram.
