The Company's Common Stock will continue to trade on the Nasdaq Global Select Market ("Nasdaq") under the symbol "MNTS" and will begin trading on a split-adjusted basis at the opening of the market on August 24, 2023. The new CUSIP number for the Common Stock following the Reverse Stock Split will be 60879E200
The Reverse Stock Split was approved by the Company's stockholders at the special meeting of the stockholders on August 22, 2023. As a result of the Reverse Stock Split, every 50 shares of Common Stock issued and outstanding will be automatically combined into one share of Common Stock.
The Reverse Stock Split will proportionately reduce the number of outstanding shares of Common Stock from approximately 98 million shares to approximately 2 million shares and the ownership percentage of each stockholder will remain unchanged other than as a result of fractional shares. The Company's public warrants trading on Nasdaq under the existing symbol "MNTSW," and outstanding equity-based awards and shares or share units issued under the Company's benefit plans, including applicable exercise prices, will be proportionately adjusted.
No fractional shares of Common Stock will be issued in connection with the Reverse Stock Split. Stockholders that would hold a fractional share of Common Stock as a result of the Reverse Stock Split will have such fractional shares of Common Stock rounded up to the nearest whole share of Common Stock.
To effectuate the Reverse Stock Split, the Company filed the Certificate of Amendment to its Second Amended and Restated Certificate of Incorporation, which was accepted for filing by the Secretary of State of the State of Delaware on August 22, 2023. There will be no change to the total number of authorized shares of Common Stock as set forth in the Second Amended and Restated Certificate of Incorporation of the Company, as amended.
Among other considerations, the Reverse Stock Split is intended to bring the Company into compliance with the minimum bid price requirement for maintaining the listing of its Common Stock on Nasdaq, and to make the bid price more attractive to a broader group of institutional and retail investors. Nasdaq requires, among other things, that a listing company's common stock maintain a minimum bid price of at least $1.00 per share.
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