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Fathom Digital Manufacturing Corp. ("Fathom" or the "Company") (NYSE:FATH), an industry leader in on-demand digital manufacturing services, today announced that its previously announced 1-for-20 reverse stock split of the Company's common stock, par value $0.0001 per share, and corresponding common stock adjustment became effective on September 28, 2023. The Company's Class A common stock is expected to begin trading on a split-adjusted basis on the New York Stock Exchange ("NYSE") when the markets open on September 29, 2023, under the existing trading symbol "FATH" and new CUSIP number: 31189Y202.
As a result of the reverse stock split, every 20 shares of issued and outstanding common stock have been combined and reclassified into one issued and outstanding share of common stock. The reverse stock split reduced the number of issued and outstanding shares of the Company's Class A common stock from approximately 70.1 million to approximately 3.5 million. Additionally, every 20 issued and outstanding shares of the Company's Class B common stock, which is not listed on the NYSE, have been combined and reclassified into one share of the Company's Class B common stock.
No fractional shares of the Company's Class A common stock were issued in connection with the reverse stock split. In lieu thereof, the Company's transfer agent, Continental Stock Transfer & Trust Company, as agent for the affected holders of record of Class A common stock, will aggregate all fractional shares of Class A common stock otherwise issuable in the reverse stock split and arrange for their sale as soon as practicable after the effective time on the basis of the prevailing market prices of the Class A common stock at the time of the sale. After such sale, the transfer agent will pay to such holders of record their pro rata share of the total net proceeds derived from the sale of the fractional shares of Class A common stock. The reverse stock split affects all stockholders uniformly and does not alter any stockholder's percentage interest in the Company's equity, except for adjustments that may result from the treatment of fractional shares of Class A common stock. In addition, the terms of all outstanding warrants and stock-based incentive awards have been proportionately adjusted, in accordance with the terms of the applicable agreement or plan.
Continental Stock Transfer & Trust Company is acting as transfer and exchange agent for the reverse stock split and is also the Company's warrant agent. Registered stockholders who hold shares of the Company's common stock are not required to take any action to receive post-reverse split shares. Stockholders owning shares of Class A common stock via a broker, bank, trust or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to such broker's particular processes, and will not be required to take any action in connection with the reverse stock split.
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 $1.00 average closing price requirement for continued listing on the NYSE. The reverse stock split also reduced the number of authorized shares of the Company's common stock proportionately with the 1-for-20 reverse split ratio but did not change the par value of the common stock.
Posted In: FATH
