NantHealth Announces 1-for-15 Reverse Stock Split
December 15 2022 - 7:40AM
Business Wire
NantHealth, Inc. (NASDAQ-GS: NH), a leading provider of
enterprise solutions that help businesses transform complex data
into actionable insights, today announced that the company has
implemented a reverse stock split at a ratio of 1-for-15, which is
expected to be effective 5 p.m. Eastern Time (ET) on December 15,
2022. The company’s common stock is expected to begin trading on a
split-adjusted basis at commencement of trading on Friday, December
16, 2022. The reverse stock split was approved by NantHealth’s
stockholders on August 18, 2022 and is intended to increase the per
share trading price of the company's common stock, which the
company expects will satisfy the minimum bid price requirement for
continued listing on the Nasdaq Global Select Market (Nasdaq).
Reverse Stock Split
The reverse stock split will reduce the number of shares of the
company’s common stock from approximately 115,550,244 shares to
approximately 7,703,350 shares, but will not change the authorized
number of shares of common stock, which will remain at 750,000,000
shares. The company’s common stock will continue to trade on Nasdaq
under the symbol “NH.” In connection with the reverse stock split,
the company’s CUSIP number will change to 630104305 as of December
15, 2022 at 5 p.m. ET.
The reverse stock split will affect all stockholders uniformly
and will not alter any stockholder’s percentage interest in the
company’s equity, except to the extent that the reverse stock split
would result in a stockholder owning a fractional share. No
fractional shares will be issued in connection with the reverse
stock split. Stockholders who otherwise would be entitled to
receive a fractional share will instead be entitled to receive cash
in lieu of such fractional share from the company’s transfer agent,
American Stock Transfer & Trust Company, LLC. Holders of the
company’s common stock held in book-entry form or through a bank,
broker or other nominee do not need to take any action in
connection with the reverse stock split. Stockholders of record
will be receiving information from the company’s transfer agent
regarding their common stock ownership post-reverse stock
split.
In addition, pursuant to their terms, a proportionate adjustment
will be made to the per share exercise price and number of shares
issuable under all of the company’s outstanding equity awards, and
the number of shares authorized and reserved for issuance pursuant
to the company’s equity incentive plans will be reduced
proportionately.
About NantHealth, Inc.
NantHealth, a member of the NantWorks ecosystem of companies,
provides enterprise solutions that help businesses transform
complex data into actionable insights. By offering efficient ways
to move, interpret and visualize complex and highly sensitive
information, NantHealth enables customers in healthcare, life
sciences, logistics, telecommunications and other industries to
automate, understand and act on data while keeping it secure and
scalable. NantHealth’s product portfolio comprises the latest
technology in payer/provider collaboration platforms for real-time
coverage decision support (Eviti and NaviNet), and data solutions
that provide multi-data analysis, reporting and professional
services offerings (Quadris). The OpenNMS Group, Inc., a NantHealth
subsidiary, helps businesses monitor and manage network health and
performance. For more information, visit nanthealth.com, follow us
on Twitter, Facebook, LinkedIn and YouTube, and subscribe to our
blog.
Forward Looking Statements
This news release contains certain statements of a
forward-looking nature relating to future events or future business
performance. Forward-looking statements can be identified by the
words “expects,” “anticipates,” “believes,” “intends,” “estimates,”
“plans,” “will,” “outlook” and similar expressions. Forward-looking
statements are based on management’s current plans, estimates,
assumptions and projections, and speak only as of the date they are
made. Risks and uncertainties include, but are not limited to,
statements regarding the timing and effectiveness of the reverse
stock split and the Company’s ability to maintain its listing on
Nasdaq (including its ability to achieve or maintain the minimum
bid price required by Nasdaq and to comply with other requirements
for listing on Nasdaq). Such forward-looking statements are not
meant to predict or guarantee actual results, performance, events
or circumstances and may not be realized because they are based
upon the Company’s current plans, objectives, beliefs,
expectations, and assumptions and are subject to a number of risks
and uncertainties and other influences, many of which the Company
has no control over. Actual results and the timing of certain
events and circumstances may differ materially from those described
by the forward-looking statements as a result of these risks and
uncertainties. Factors that may influence or contribute to the
inaccuracy of the forward-looking statements or cause actual
results to differ materially from expected or desired results may
include, without limitation, the price and volume fluctuations in
trading of the Company’s Common Stock, the potential adverse effect
of the reduced number of shares outstanding following the reverse
stock split on the liquidity of the Company’s Common Stock,
potentially adverse Nasdaq decisions related to the listing of the
Company’s Common Stock on the Nasdaq Capital Market. The Company
undertakes no obligation to update any forward-looking statement in
light of new information or future events, except as otherwise
required by law. Forward-looking statements involve inherent risks
and uncertainties, most of which are difficult to predict and are
generally beyond our control. Actual results or outcomes may differ
materially from those implied by the forward-looking statements as
a result of the impact of a number of factors, many of which are
discussed in more detail in our reports filed with the Securities
and Exchange Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221214006112/en/
Investor Contact: Robert Jaffe 424.288.4098
rjaffe@rjaffeco.com
NantHealth (NASDAQ:NH)
Historical Stock Chart
From May 2024 to Jun 2024
NantHealth (NASDAQ:NH)
Historical Stock Chart
From Jun 2023 to Jun 2024