Alphatec Holdings Announces One-for-Twelve Reverse Stock Split
25 August 2016 - 1:59AM
Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of
Alphatec Spine, Inc., a global provider of spinal fusion
technologies, today announced the effectiveness of a one-for-twelve
reverse stock split of its common stock. The reverse stock split
will take effect at 5:00 pm Eastern Time on August 24, 2016 and the
Company’s common stock will open for trading on The NASDAQ Global
Select Market on August 25, 2016 on a post-split basis.
The reverse stock split is intended to increase the
per share trading price of the Company's common stock to satisfy
the $1.00 minimum bid price requirement for continued listing on
The NASDAQ Global Select Market. As a result of the reverse stock
split, every twelve shares of the Company's common stock issued and
outstanding prior to the opening of trading on August 25, 2016 will
be consolidated into one issued and outstanding share. No
fractional shares are being issued in connection with the reverse
stock split. Stockholders who would otherwise hold a
fractional share of common stock will receive a cash payment in
lieu of such fractional share. In connection with the reverse stock
split, there will be no change in the nominal par value per share
of $0.0001.
Trading of the Company’s common stock on The NASDAQ
Global Select Market will continue, on a split-adjusted basis, with
the opening of the markets on Thursday, August 25, 2016, under the
existing trading symbol “ATEC” but with a new CUSIP number 02081G
201. The reverse stock split reduces the number of shares of the
Company’s common stock outstanding from approximately 102.5 million
pre-reverse split shares to approximately 8.5 million post-reverse
split shares.
The Company has retained its transfer agent,
Computershare Trust Company, N.A. (“Computershare”), to act as its
exchange agent for the reverse split. Computershare will provide
stockholders of record as of the effective date of the reverse
stock split a letter of transmittal providing instructions for the
exchange of their physical certificates. Stockholders owning shares
via a broker or other nominee will have their positions
automatically adjusted to reflect the reverse stock split, subject
to brokers’ particular processes, and will not be required to take
any action in connection with the reverse stock split.
The reverse stock split was approved within a range
of one-for-four to one-for-twelve by the Company’s stockholders at
the 2016 Annual Meeting of Stockholders held on August 18, 2016,
and the specific ratio of one-for-twelve was approved by the
Company’s Board of Directors. For more information regarding the
reverse stock split, please refer to the Company’s definitive proxy
statement filed with the Securities and Exchange Commission on
Schedule 14-A on June 22, 2016.
About Alphatec Spine
Alphatec Spine, Inc., a wholly owned subsidiary of
Alphatec Holdings, Inc. (Nasdaq:ATEC), is a global medical device
company that designs, develops, manufactures and markets spinal
fusion technology products and solutions for the treatment of
spinal disorders associated with disease and degeneration,
congenital deformities and trauma. The Company's mission is to
improve lives by delivering advancements in spinal fusion
technologies. The Company and its affiliates market products in the
U.S. and internationally via a direct sales force and independent
distributors.
Additional information can be found at
www.alphatecspine.com.
Forward-Looking Statements
This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, including, but not limited to, statements
regarding the reverse stock split of the Company's common stock and
its intended purpose. These forward-looking statements are neither
promises nor guarantees of future performance, and are subject to a
variety of risks and uncertainties, many of which are beyond the
Company's control, which could cause actual results to differ
materially from those contemplated in these forward-looking
statements. These risks and uncertainties include, among other
things, the factors discussed under the heading "Risk Factors"
contained in the Company’s annual report and quarterly reports
filed with the Securities and Exchange Commission. All information
in this press release is as of the date of the release, and the
Company disclaims any obligation to update the information
contained in this press release as new information becomes
available.
Investor/Media Contact:
Christine Zedelmayer
Investor Relations
Alphatec Spine, Inc.
(760) 494-6610
czedelmayer@alphatecspine.com
Alphatec (NASDAQ:ATEC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Alphatec (NASDAQ:ATEC)
Historical Stock Chart
From Sep 2023 to Sep 2024