NEW
YORK, June 28, 2023 /PRNewswire/ -- Marpai, Inc.
("Marpai" or the "Company") (Nasdaq: MRAI), an artificial
intelligence (AI) enabled Third-Party Administrator (TPA)
transforming self-funded employer health plans, announces a reverse
stock split of its Class A common stock ("Reverse Split") of one
post-split share for every four pre-split shares. The Company
expects that the common stock will begin trading on a
split-adjusted basis at the open of trading on Thursday, June 29, 2023, under the new CUSIP
number 571354208. The Reverse Split is an effort to regain
compliance with Nasdaq's listing rules.
The Company obtained shareholder approval for the Reverse Split
at a special meeting of shareholders on June
26, 2023. The Company's board of directors then approved the
Reverse Split ratio of 4 to 1. The principal purpose of the
Reverse Split is to decrease the total number of shares of common
stock outstanding and proportionately increase the market price of
the common stock in order to meet the continued listing
requirements of The Nasdaq Capital Market. The Company's common
stock will continue to trade under the symbol "MRAI."
As a result of the Reverse Split, every four shares of the
Company's common stock issued and outstanding will be automatically
reclassified into one new share of common stock. The Reverse Split
will not modify any rights or preferences of the shares of the
Company's common stock. Proportionate adjustments will be made to
the exercise prices and the number of shares underlying the
Company's outstanding equity awards, convertible notes, and
warrants, as applicable. The common stock issued pursuant to the
Reverse Split will remain fully paid and non-assessable. The
Reverse Split will not affect the number of authorized shares of
common stock or the par value of the common stock.
American Stock Transfer & Trust Company, LLC has been
appointed by the Company to act as its exchange agent for the
Reverse Split. Stockholders owning pre-split shares via a bank,
broker or other nominee will have their positions automatically
adjusted to reflect the Reverse Split and will not be required to
take further action in connection with the Reverse Split, subject
to brokers' particular processes. Similarly, registered
stockholders holding pre-split shares of the Company's common stock
electronically in book-entry form are also not required to take
further action in connection with the Reverse Split. Holders of
certificated shares will be contacted by the Company or its
exchange agent with further details about how to surrender old
certificates.
For more information, please
visit https://ir.marpaihealth.com for more information.
About Marpai, Inc.
Marpai, Inc. (Nasdaq: MRAI) is an AI-powered Third Party
Administrator (TPA) delivering health plan administration and
services to employers that directly pay for employee health
benefits (self-funded employer health plans). As a technology
innovator in the $22 billion TPA
sector representing over $1 trillion
in annual claims, Marpai includes services beyond traditional TPA
services that improve health plan value to members, and
significantly reduce medical and pharmaceutical costs for members
and the plan. By leveraging AI and big data, Marpai proactively
enables early clinical interventions by proven value-based care
providers that can mitigate and reverse costly conditions and avoid
costly care. Marpai also helps members fill gaps in annual care and
guides them to high-value in-network providers and affordable
pharmacy solutions. Operating nationwide, Marpai offers access to
provider networks including Aetna and Cigna and delivers all
standard TPA services. For more information, visit
www.marpaihealth.com or https://ir.marpaihealth.com for
investors.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements, as that
term is defined in the Private Litigation Reform Act of 1995, that
involve significant risks and uncertainties, including statements
regarding revenues, employee lives and cash. Forward-looking
statements can be identified through the use of words such as
"anticipates," "expects," "intends," "plans," "believes," "seeks,"
"estimates," "guidance," "may," "can," "could", "will",
"potential", "should," "goal" and variations of these words or
similar expressions. Readers are cautioned not to place undue
reliance on these forward-looking statements, which
reflect Marpai's current expectations and speak only as of the
date of this release. Actual results may differ materially from
Marpai's current expectations depending upon a number of factors.
These factors include, among others, adverse changes in general
economic and market conditions, competitive factors including but
not limited to pricing pressures and new product introductions,
uncertainty of customer acceptance of new product offerings, market
changes, and risks associated with managing the growth of the
business. Except as required by law, Marpai does not undertake any
responsibility to revise or update any forward-looking statements
whether as a result of new information, future events or otherwise.
More detailed information about Marpai and the risk factors that
may affect the realization of forward-looking statements is set
forth in Marpai's filings with the Securities and Exchange
Commission (the "SEC"). Investors and security holders are urged to
read these documents free of charge on the SEC's web site
at http://www.sec.gov.
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SOURCE Marpai