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.
