The reverse stock split will convert every 30 shares of the Company’s issued and outstanding common stock into one share of common stock, maintaining the par value at $0.0001 per share. This action is expected to reduce the number of shares available for issuance under the Company’s equity incentive plans and employee stock purchase plan, as well as adjust the number of shares issuable upon the exercise of stock options, restricted stock units, and warrants. Importantly, no fractional shares will be issued as a result of the reverse stock split; instead, stockholders who would otherwise receive a fractional share will be issued one full share.
Following the reverse stock split, the Company’s common stock will commence trading on the Nasdaq Capital Market on a split-adjusted basis under the existing ticker symbol "ORGN". The new CUSIP number for the common stock post-split will be 68622D205. The publicly traded warrants will continue to trade under the symbol "ORGNW" with an exercise price of $11.50, but warrant holders will need to exercise 30 warrants to receive one share of common stock.
This strategic move is anticipated to enhance the Company’s stock price and improve its market perception, potentially making it more attractive to investors. The reverse stock split is a common practice among companies looking to increase their stock price and maintain compliance with exchange listing requirements. Overall, this action reflects the Company’s ongoing efforts to optimize its capital structure and position itself for future growth.
