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Pagaya Technologies Ltd. (NASDAQ:PGY) ("Pagaya", the "Company" or "we"), a global technology company delivering artificial intelligence infrastructure for the financial ecosystem, today announced that its Board of Directors approved a reverse stock split at a final ratio of 1-for-12, which will be effective at 9:00 a.m. Eastern Time, on Friday, March 8, 2024. Pagaya ordinary shares will begin trading on a split-adjusted basis at the market open on Friday, March 8, 2024, under the Company's existing trading symbol "PGY," with a new CUSIP number, M7S64L123.
The reverse stock split was approved by the Company's shareholders at a special meeting held on February 15, 2024. The split is one of the Company's strategic actions to enhance the marketability of its stock to the U.S. investment community and increase the likelihood of its inclusion in major U.S. equity indices, which should in turn improve trading liquidity for new investors.
At the effective time of the reverse split, every 12 issued and outstanding shares of the Company's ordinary shares will automatically be converted into one issued and outstanding share of the Company's ordinary shares, without any change in the par value per share. Fractional shares will not be issued in connection with the reverse stock split. All fractional shares will be rounded down to the nearest whole number. The reverse stock split will affect all shareholders uniformly and will not alter any shareholder's relative interest in the company's equity, except for any adjustments for fractional shares. In addition, proportionate adjustments will be made to the number of shares underlying, and the exercise or conversion prices of, the company's outstanding warrants and stock options, and to the number of shares of common stock issuable under the company's equity incentive plans.
The reverse stock split will reduce the number of the Company's issued and outstanding Class A Ordinary Shares from approximately 605.1 million shares to approximately 50.4 million shares.
Posted In: PGY
