ROSEVILLE, Minn., April 7,
2023 /PRNewswire/ -- Calyxt, Inc. (Nasdaq: CLXT)
("Calyxt" or the "Company") today announced that it will proceed
with the 1-for-10 reverse stock split previously approved by the
Company's shareholders at the annual meeting of shareholders on
June 1, 2022. Calyxt plans to
file an amendment to its certificate of incorporation to effectuate
the reverse stock split after the close of trading on April 24, 2023, and Calyxt's common stock, par
value $0.0001 per share, will begin
trading on an adjusted basis giving effect to the reverse stock
split on April 25, 2023.
When the reverse stock split is effective, every ten shares of
the Company's common stock issued and outstanding or held as
treasury shares as of the effective date will be automatically
combined into one share of Calyxt common stock. This will reduce
the number of outstanding shares of Calyxt common stock from
approximately 49.3 million to approximately 4.9 million. The
reverse stock split will have no effect on the number of shares of
Calyxt common stock authorized for issuance or on the par value of
the Company's common stock.
Outstanding Calyxt equity-based awards under Calyxt's benefit
plans will be proportionately adjusted. No fractional shares will
be issued in connection with the reverse stock split and any
fractional shares resulting from the reverse stock split will be
rounded up to the nearest whole share.
Calyxt's common stock will continue trading on the Nasdaq
Capital Market (under the symbol "CLXT"), but will trade under a
new CUSIP number starting on April 25,
2023.
The Company's transfer agent, Broadridge Corporate Issuer
Solutions, Inc., will maintain the book-entry records for the
Company's common stock. Registered stockholders holding pre-split
shares of the Company's common stock electronically in book-entry
form are not required to take any action to receive post-split
shares. Stockholders owning shares via a broker, bank, custodian 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 connect with the reverse stock split. Such beneficial holders
are encouraged to contact their broker, bank or custodian with any
procedural questions.
Additional information concerning the reverse stock split can be
found in Calyxt's definitive proxy statement filed with the
Securities and Exchange Commission (the "SEC") on April 19, 2022.
About Calyxt
Calyxt (Nasdaq: CLXT) is a plant-based synthetic biology
company. Calyxt leverages its proprietary PlantSpring™ technology
platform and Plant Cell Matrix™ structures to engineer plant
metabolism to produce innovative high value plant-based chemistries
for use in customers' materials and products. As plant-based
solutions, Calyxt's synthetic biology products can be used in
helping customers meet their sustainability targets and financial
goals. Calyxt's diversified offerings are primarily delivered
through its proprietary BioFactory production system. For more
information, visit www.calyxt.com.
PlantSpring, Plant Cell Matrix, PCM, BioFactory, and the Calyxt
logo are trademarks of Calyxt, Inc. Any other trademarks belong to
their respective owners.
Forward-Looking Statements
This communication contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release include statements about the
implementation and effectiveness of the reverse stock split. These
and other forward-looking statements are predictions and
projections about future events and trends based on the Company's
current expectations, objectives, and intentions and are premised
on current assumptions. The Company's actual results, level of
activity, performance, or achievements could be materially
different than those expressed, implied, or anticipated by
forward-looking statements due to a variety of factors, as
discussed in Part I, Item 1A, "Risk Factors" in the Company's
filings with the SEC, included in Part I, Item 1A of its Annual
Report on Form 10-K/A for the year ended December 31, 2022, which was filed with the SEC
on March 3, 2023, and its subsequent
reports on Forms 10-Q and 8-K filed with the SEC. Any
forward-looking statements made by management of the Company are
based only on currently available information and speak only as of
the date of this report. Except as otherwise required by securities
and other applicable laws, the Company does not assume any
obligation to publicly provide revisions or updates to any
forward-looking statements, whether as a result of new information,
future developments or otherwise, should circumstances change.
Contact
Bill Koschak
(651) 425-1754
investors@calyxt.com
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SOURCE Calyxt, Inc.