Evogene Announces 1-for-10 Reverse Share Split

Reverse Share Split Announcement

Evogene Ltd. (Nasdaq: EVGN, TASE: EVGN), a prominent computational biology company focused on revolutionizing product discovery and development in multiple life-science based industries, has announced its intention to implement a 1-for-10 reverse share split of its ordinary shares 1

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. This strategic move is expected to take effect at the opening of trading on July 17, 2024, subject to shareholder approval at the Company's upcoming Annual General Meeting of Shareholders.

Rationale and Implications

The primary objective of this reverse share split is to regain compliance with the Nasdaq Stock Market's minimum bid price requirement 2

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. By consolidating shares, Evogene aims to increase its share price, potentially attracting a broader range of investors and improving overall market perception.

Mechanics of the Reverse Split

Upon implementation, every ten ordinary shares of Evogene will be automatically combined into one ordinary share 3

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. This will significantly reduce the number of outstanding ordinary shares from approximately 41.2 million to roughly 4.1 million. It's important to note that this change will not affect the Company's authorized share capital or the par value of its ordinary shares.

Impact on Shareholders

Shareholders should be aware that no fractional shares will be issued as a result of the reverse share split. Instead, all fractional shares will be rounded up to the nearest whole number of shares 1

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. The Company has assured that the reverse split will not impact any shareholder's percentage ownership interest or voting power, except for minimal effects resulting from the rounding up of fractional shares.

Trading Symbols and CUSIP

Following the reverse share split, Evogene's ordinary shares will continue to trade on the Nasdaq Global Market and the Tel Aviv Stock Exchange under the existing symbol "EVGN" 2

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. However, the shares will be assigned a new CUSIP number, reflecting the corporate action.

Shareholder Approval and Timeline

The implementation of the reverse share split is contingent upon shareholder approval at Evogene's Annual General Meeting of Shareholders, scheduled for July 10, 2024 3

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. If approved, the reverse split is expected to become effective at the opening of trading on July 17, 2024. Shareholders of record will receive formal notification from the Company's transfer agent, American Stock Transfer & Trust Company, LLC, with specific instructions regarding the reverse share split.