MultiPlan announces date for reverse stock split

MultiPlan announced that it expects a 1-for-40 reverse stock split of its outstanding shares of Class A common stock will be effective as of September 20 at 5:00 p.m. Eastern Time. MultiPlan’s common stock will continue trading on the New York Stock Exchange under the existing symbol and will begin trading on a split-adjusted basis when the market opens on September 23, 2024, with the new CUSIP number 62548M209. As of the effective time of the reverse stock split, each share of common stock will be automatically reclassified into one fortieth of a share of issued and outstanding common stock. This will reduce the number of shares outstanding from approximately 658,127,871 shares to approximately 16,453,197 shares (in each case, exclusive of treasury shares), subject to adjustment for fractional shares. Continental Stock Transfer & Trust Company is acting as the exchange agent for the reverse stock split. The reverse stock split is primarily intended to increase the per share trading price of MultiPlan’s common stock in order to meet the NYSE’s price criteria for continued listing.