Heliogen Inc (HLGN)

[WeTheMarket]

Heliogen Announces 1-for-35 Reverse Stock Split
August 25 2023
https://ih.advfn.com/stock-market/NYSE/heliogen-HLGN/stock-news/91901289/heliogen-announces-1-for-35-reverse-stock-split

Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrating solar energy technology, announced today that its Board of Directors has approved a 1-for-35 reverse stock split (“Reverse Stock Split”) of Heliogen’s common stock. Heliogen’s stockholders previously approved the Reverse Stock Split at Heliogen’s Annual Meeting of Stockholders held on August 3, 2023 and gave Heliogen’s Board of Directors discretionary authority to select a ratio for the Reverse Stock Split ranging from 1-for-10 shares to 1-for-40 shares.

The Reverse Stock Split is expected to be effective at 5:00 p.m., Eastern Time, on August 31, 2023. Beginning on September 1, 2023, Heliogen’s common stock is expected to begin trading on a split-adjusted basis on the New York Stock Exchange (“NYSE”). Following the Reverse Stock Split, the common stock will continue trading on the NYSE under the symbol “HLGN”, but will trade under a new CUSIP number: 42329E204. Heliogen’s publicly traded warrants will continue to be traded on the NYSE under the symbol “HLGN.W” and the CUSIP number for the warrants will remain unchanged.

Purpose of the Reverse Stock Split

The primary purpose of the reverse stock split is to increase the market price of Heliogen's common stock to regain full compliance with the NYSE share price listing rule and maintain Heliogen’s listing on the NYSE. Heliogen believes that the higher share price resulting from the Reverse Stock Split will also make Heliogen’s shares more attractive to institutional and other investors.

Details of the Reverse Stock Split

Under the terms of the Reverse Stock Split, every 35 shares of Heliogen's issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock, with no change in the par value per share. This will reduce the number of outstanding shares of Heliogen’s common stock from approximately 205.1 million to approximately 5.9 million. The Reverse Stock Split will not change the authorized number of shares of common stock.

No fractional shares will be issued in connection with the Reverse Stock Split. Stockholders of record who would otherwise be entitled to receive a fractional share will receive a cash payment in lieu of such fractional share.

As a result of the Reverse Stock Split, proportionate adjustments will be made to the number of shares of Heliogen's common stock underlying Heliogen's outstanding equity awards, warrants and preferred units, as well as the exercise or conversion price, as applicable.