Sarcos announces 1-for-6 reverse stock split to comply with Nasdaq minimum bid price

Palladyne AI Corp.

Reverse stock split ratio 1-for-6, effective July 5, 2023 at 4:01 p.m. ET.
Authorized shares reduced from 990M to 165M; par value unchanged at $0.0001.
Trading on post-split basis begins July 6, 2023 under same ticker STRC.
Split intended to meet Nasdaq $1.00 minimum bid price requirement for continued listing.
Proportionate adjustments to warrants, options, RSUs; fractional shares paid in cash.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Palladyne AI Corp.: Certificate of Amendment to effect 1-for-6 reverse stock split and reduce authorized common shares from 990,000,000 to 165,000,000 (effective 2023-06-20).

Change: charter amendment
Effective: 2023-06-20

Exact text from the filing

On June 20, 2023, Sarcos Technology and Robotics Corporation (the “Company”) filed a certificate of amendment to the Company’s Amended and Restated Certificate of Incorporation (the “Certificate of Amendment”), with the Secretary of State of the State of Delaware to effect a 1-for-6 reverse stock split of the shares of the Company’s common stock, par value $0.0001 per share, effective as of 4:01 p.m., Eastern Time, on July 5, 2023

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Source: SEC EDGAR

accession 0000950170-23-028943

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