Sarcos Technology announces 1-for-6 reverse stock split

Sarcos Technology and Robotics announced that it has resolved to effect a reverse stock split of Sarcos’ issued common stock and has determined the ratio to be 1-for-6. Sarcos’ stockholders previously approved the reverse stock split and granted the board of directors the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company’s Annual Meeting of Stockholders held on June 14, 2023. The reverse stock split will become effective on July 5, 2023, at 4:01 p.m., Eastern Time and the Company’s common stock is expected to begin trading on a split-adjusted basis on the Nasdaq Global Market as of the open of trading on July 6, 2023, under the existing ticker symbol “STRC.” The reverse stock split is intended to increase the price per share of the Company’s common stock to allow the Company to demonstrate compliance with the $1.00 minimum bid price requirement for continued listing on Nasdaq.