December 31, 2019 Second Sight Medical Products Inc. (the “Company”) filed its Second Amendment to Restated Articles of Incorporation (the “Certificate of Amendment”) with the Secretary of State of California to effect a one-for-8 (1:8) reverse stock split of all issued and outstanding shares of the Company’s common stock, no par value per share (the “Common Stock”), and also to effect a one-for-8 reverse split of the Company’s warrants (the “Warrants”), (the “Reverse Stock Split”). The Reverse Stock Split is intended to bring the Company into compliance with the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market, as required by Nasdaq Listing Rule 5550(a)(2). The Reverse Stock Split was approved by the Company’s majority stockholders on November 26, 2019.
As a result of the Reverse Stock Split every eight shares of Common Stock and every eight Warrants will be combined and converted into one share of Common Stock and one Warrant, respectively. The Company anticipates that its Common Stock and Warrants will begin trading on a split-adjusted basis on the Nasdaq Capital Market at the market open on January 6, 2020. The trading symbols for the Common Stock and Warrants will remain “EYES” and “EYESW.” Following the Reverse Stock Split the new CUSIP number for the Common Stock is 81362J209 and the new CUSIP number for the Warrants is 81362J126.
The Reverse Stock Split reduces the number of shares of common stock issued and outstanding from approximately 125.1 million to approximately 15.6 million and reduces the number of trading Warrants outstanding from approximately 61.4 million to 7.7 million. The authorized number of shares of common stock did not change as a result of the Reverse Stock Split. The Reverse Stock Split affects all issued and outstanding shares of the Company’s Common Stock, stock purchase warrants, and options and other outstanding awards issued under the Company’s equity incentive plans. The Reverse Stock Split affects all stockholders and warrant holders uniformly and will not alter any stockholder’s percentage interest in the Common Stock or any warrant holder’s percentage interest in the Warrants, except for adjustments that may result from the treatment of fractional shares and fractional warrants as described below.
