Desktop Metal board approves 1-for-10 reverse stock split

Desktop Metal announced that its board of directors has approved a 1-for-10 reverse stock split of the company’s Class A common stock. The reverse stock split will become effective at 5:00 p.m. Eastern Time on June 10, after close of trading on the New York Stock Exchange. The company’s Class A common stock is expected to commence trading on a split-adjusted basis when the markets open on June 11, under the existing trading symbol “DM.” The new CUSIP number for the company’s Class A common stock following the reverse stock split will be 25058X 303. “The primary goal of the reverse stock split is to increase the per share market price of the company’s Class A common stock to meet the minimum per share bid price requirement for continued listing on the NYSE,” the company noted. The reverse stock split was approved by the company’s stockholders at its annual meeting of stockholders held on June 7.