BOSTON--(BUSINESS WIRE)--Desktop Metal, Inc. (NYSE: DM) (the "Company") announced today that its Board of Directors has approved a 1-for-10 reverse stock split of the Company's Class A common stock. The reverse stock split will become effective at 5:00 p.m. Eastern Time on June 10, 2024, after close of trading on the New York Stock Exchange ("NYSE"). The Company's Class A common stock is expected to commence trading on a split-adjusted basis when the markets open on June 11, 2024 under the existing trading symbol "DM." The new CUSIP number for the Company's Class A common stock following the reverse stock split will be 25058X 303.
The primary goal of the reverse stock split is to increase the per share market price of the Company's Class A common stock to meet the minimum per share bid price requirement for continued listing on the NYSE. The reverse stock split was approved by the Company's stockholders at its annual meeting of stockholders held on June 7, 2024. On June 7, 2024, following the annual meeting of stockholders, the Company's Board of Directors approved the reverse stock split at the ratio of 1-for-10.
As a result of the reverse stock split, every 10 shares of the Company's Class A common stock issued and outstanding will be automatically reclassified into one new share of the Company's Class A common stock. Proportionate adjustments will be made to the exercise prices and the number of shares underlying the Company's outstanding equity awards, as applicable, as well as to the number of shares issuable under the Company's equity incentive plans and certain existing agreements. The common stock issued pursuant to the reverse stock split will remain fully paid and non-assessable. The reverse stock split will not affect the number of authorized shares of common stock or the par value of the common stock.
No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise be entitled to receive fractional shares as a result of the reverse stock split will be entitled to a cash payment in lieu thereof at a price equal to the fraction to which the stockholder would otherwise be entitled multiplied by the closing sales price per share of the common stock (as adjusted to give effect to the reverse stock split) on the NYSE on June 10, 2024, the last trading day immediately preceding the effective time of the reverse stock split.
Continental Stock Transfer & Trust ("Continental"), the Company's transfer agent, is acting as the exchange agent for the reverse stock split. Stockholders holding their shares electronically in book-entry form and stockholders who hold their shares through a bank, broker or other nominee will not need to take any action. The Company does not have any outstanding certificated shares. Stockholders owning shares through a bank, broker or other nominee will have their positions adjusted to reflect the Reverse Stock Split and will receive payment for any fractional shares in accordance with their respective bank's, broker's, or nominee's particular processes.
Additional information about the reverse stock split can be found in the Company's definitive proxy statement filed with the Securities and Exchange Commission (the "SEC") on April 23, 2024, which is available free of charge at the SEC's website, www.sec.gov, and on the Company's website at desktopmetal.com.
About Desktop Metal, Inc.
Desktop Metal (NYSE:DM) is driving Additive Manufacturing 2.0, a new era of on-demand, digital mass production of industrial, medical, and consumer products. Our innovative 3D printers, materials, and software deliver the speed, cost, and part quality required for this transformation. We're the original inventors and world leaders of the 3D printing methods we believe will empower this shift, binder jetting and digital light processing. Today, our systems print metal, polymer, sand and other ceramics, as well as foam and recycled wood. Manufacturers use our technology worldwide to save time and money, reduce waste, increase flexibility, and produce designs that solve the world's toughest problems and enable once-impossible innovations. Learn more about Desktop Metal and our TeamDM brands at www.desktopmetal.com.
Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements generally relate to future events, such as the expected timing of the reverse stock split, the impact of the reverse stock split on the Company's share price, and the Company's ability to meet the minimum per share bid price requirement for continued listing on the NYSE. You are cautioned that such statements are not guarantees of future performance and that Desktop Metal's actual results may differ materially from those set forth in the forward-looking statements. All of these forward-looking statements are subject to risks and uncertainties that may change at any time. Factors that could cause Desktop Metal's actual expectations to differ materially from these forward-looking statements include Desktop Metal's ability to continue to comply with applicable listing standards of the NYSE and the other factors under the heading "Risk Factors" set forth in Desktop Metal's Annual Report on Form 10-K, as supplemented by Desktop Metal's quarterly reports on Form 10-Q. Such filings are available on our website or at www.sec.gov. You should not place undue reliance on these forward-looking statements, which are made only as of the date of this press release. Desktop Metal undertakes no obligation to publicly update or revise forward-looking statements to reflect subsequent developments, events, or circumstances, except as may be required under applicable securities laws.
Contacts
Investor Relations:
(857) 504-1084
DesktopMetalIR@icrinc.com
Media Relations:
Sarah Webster
(313) 715-6988
sarahwebster@desktopmetal.com
