Prenetics Global Limited Announces Reverse Stock Split

HONG KONG, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Prenetics Global Limited (NASDAQ: PRE), a leading-genomics-driven health sciences company today announced that it will proceed with a reverse stock split of its outstanding ordinary shares at a ratio of 1-for-15.

The reverse stock split is expected to become effective on or around November 13, 2023, subject to confirmation by NASDAQ. The Company’s common stock is expected to begin trading on a post-split basis at the market open on November 14, 2023 under the Company’s existing trading symbol “PRE”, with a new CUSIP number of G72245122. The reverse stock split is intended to bring the Company into compliance with the minimum $1.00 per share requirement for continued listing on NASDAQ.

“We are committed to ensuring our listing status and believe today’s proactive announcement addresses any uncertainty regarding our listing. With a strong treasury of cash and short term assets¹, and strong growth prospects within our clinical genomics, and new business initiatives in consumer health, we remain highly optimistic for the future and believe we are well-positioned to deliver value for our shareholders”. said Danny Yeung, Chief Executive Officer and Co-Founder of Prenetics.

Stockholder approval for the Reverse Stock Split was obtained at the Company's annual general meeting of shareholders on October 20, 2023, followed by the approval of the Company’s Board of Directors. The Company's transfer agent, Continental Stock Transfer & Trust Company ("Continental"), will serve as the transfer agent for the Reverse Stock Split.

After the effectiveness of the reverse stock split, every 15 shares Prenetics’ Class A Ordinary Shares and Prenetics’ Class B Ordinary Shares will be combined automatically into one Class A Ordinary Share or Class B Ordinary Share, as applicable, and each shareholder will hold the same percentage of Class A Ordinary Share and Class B Ordinary Share outstanding immediately following the reverse stock split, except for adjustments that may result from the treatment of fractional shares. No fractional shares will be issued in connection with the reverse stock split, and shareholders who would otherwise be entitled to a fractional share will receive a full share. Proportional adjustments will be made to the number of ordinary shares issuable upon the exercise of the Company’s outstanding warrants and stock options, and the number of shares issuable pursuant to outstanding restricted stock units, and the number of shares authorized and reserved for issuance pursuant to the Company’s equity incentive and employee stock purchase plans. The exercise prices and stock price targets of outstanding stock options, warrants and equity awards will also be proportionately adjusted, as applicable.