Class A Common Stock Expected to Begin Trading on Reverse Split-Adjusted Basis on September 9, 2024
BlackSky Technology Inc. (“BlackSky”), today made public the approval by its Board of Directors of a 1-for-8 reverse stock split of BlackSky’s Class A common stock. The Reverse Stock Split, endorsed by BlackSky’s stockholders at their recent virtual annual meeting, will come into effect at 4:15 p.m. Eastern Time on September 6, 2024.
The trading of the Class A Common Stock on the New York Stock Exchange (NYSE) post the reverse split will commence on September 9, 2024, retaining the existing trading symbol “BKSY.”
Details of the Reverse Stock Split
Following the Reverse Stock Split, the new CUSIP number of the Class A Common Stock will be 09263B 207. The publicly traded warrants of BlackSky will continue to be traded on the NYSE under the symbol “BKSY.W,” with no change in the CUSIP number.
At the effective time of the Reverse Stock Split, every eight shares of issued Class A Common Stock will be consolidated into one new share of Class A Common Stock. This consolidation will not affect the number of authorized shares of Class A Common Stock or BlackSky’s preferred stock.
Implications and Adjustments
As a consequence of the Reverse Stock Split, adjustments will be made to the per share exercise price and the number of shares issuable upon exercise of outstanding BlackSky options and restricted stock units. The number of shares reserved for issuance under BlackSky’s equity incentive plans will also be reduced proportionately.
Fractional shares will not be issued post the Reverse Stock Split. Stockholders entitled to fractional shares will receive a cash payment in lieu thereof at a price determined by the closing price per share of the Class A Common Stock on the NYSE on September 6, 2024.
Operational Details
Continental Stock Transfer & Trust Company will serve as the transfer and exchange agent for the Reverse Stock Split. Registered stockholders holding shares of Class A Common Stock need not take any action to receive post-reverse split shares. On the other hand, stockholders owning shares through intermediaries will have their positions adjusted automatically.
Further information on the Reverse Stock Split can be found in BlackSky’s definitive proxy statement filed with the Securities and Exchange Commission (SEC) on July 25, 2024.
About BlackSky
BlackSky is a real-time, space-based intelligence company that provides high-frequency imagery, analytics, and monitoring services for critical and strategic locations around the world. With an advanced commercial intelligence system, BlackSky offers valuable insights and advantages to its clients.
BlackSky’s Reverse Stock Split signals a strategic move in its financial structure, aiming to optimize shareholder value and potentially attract more investors.
Forward-Looking Statements
The press release includes forward-looking statements regarding BlackSky. These statements provide insight into the potential growth and challenges BlackSky might face after the Reverse Stock Split. Investors are advised to consider these statements alongside the company’s historical performance and market trends.
As BlackSky continues to evolve post the Reverse Stock Split, the real impact of this financial maneuver will be seen in the company’s future financial reports and stock performance.
