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Expected to Begin Trading on a 1-for-40 Reverse Split-Adjusted Basis on November 13, 2024
Danimer Scientific, Inc. (NYSE:DNMR) ("Danimer" or "Company"), a leading, next-generation biotechnology company focused on the production of biomaterials, announced today that, following approval by the Company's stockholders and its Board of Directors, the Company will effect a reverse stock split ("Reverse Stock Split") of Danimer's Class A common stock, par value $0.0001 per share ("Common Stock"), at a ratio of 1-for-40 (the "Reverse Stock Split Ratio"), which ratio was determined by the Board of Directors from within a range of ratios authorized by the stockholders. The Reverse Stock Split is expected to become effective on November 12, 2024, after close of trading on the New York Stock Exchange ("NYSE"). The Common Stock is expected to begin trading on a split-adjusted basis when the markets open on November 13, 2024, under the existing trading symbol "DNMR" and new CUSIP number (236272 407).
The Company believes the Reverse Stock Split will increase the price per share of the Common Stock and thus enable it to regain compliance with the price criteria of Section 802.01C of the NYSE Listed Company Manual (the "Minimum Share Price Rule").
Posted In: DNMR
