Senti Bio Announces Reverse Stock Split

Company Overview - Senti Bio is a biotechnology company focused on developing next-generation cell and gene therapies for patients with incurable diseases, utilizing a synthetic biology platform called Gene Circuits [10][11] - The company aims to create therapies that can precisely target and kill cancer cells while sparing healthy cells, enhancing specificity, and controlling drug expression post-administration [10] Reverse Stock Split Announcement - Senti Bio's Board of Directors has approved a one-for-ten (1-for-10) reverse stock split of its common stock, which will take effect at 11:59 p.m. EDT on July 17, 2024 [11] - Following the reverse stock split, the number of outstanding shares will decrease from approximately 45.8 million to about 4.6 million shares [5] - The reverse stock split is intended to increase the market price of Senti Bio's common stock to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share [9] Nasdaq Compliance - Senti Bio was notified on August 7, 2023, that its common stock had closed below the $1.00 bid price for 30 consecutive business days, leading to non-compliance with Nasdaq Listing Rule 5450(a)(1) [9] - The company was granted an initial 180-calendar day grace period until February 5, 2024, to regain compliance, followed by a second 180-calendar day period until August 5, 2024 [9] Shareholder Information - No fractional shares will be issued as a result of the reverse stock split; stockholders entitled to a fraction will receive a cash payment based on the closing price of Senti Bio's common stock on July 17, 2024 [6] - Stockholders with shares held in book-entry form or through a bank or broker will see the effects of the reverse stock split reflected in their accounts on or after July 18, 2024 [7]