Doma Announces Intention to Complete a Reverse Stock Split at Next Annual Stockholder Meeting
August 04 2022 - 4:10PM
Business Wire
Doma Holdings, Inc. (NYSE: DOMA) today announced its intention
to complete a reverse stock split, subject to approval by its board
of directors and stockholders at its next annual meeting of
stockholders.
The proposed stock split is intended to resolve the issue raised
in a non-compliance notice Doma received from the New York Stock
Exchange (NYSE) on August 1, 2022 regarding its continued listing
standard as set forth in Section 802.01C of the NYSE Listed Company
Manual, due to the average closing price of the company’s common
stock being less than $1.00 per share over a consecutive 30
trading-day period. The NYSE notice does not affect Doma’s business
operations.
Doma can regain compliance at any time during the cure period of
six months following the receipt of the NYSE notice by meeting the
minimum share price requirement, or by the company’s next annual
meeting of stockholders if stockholder approval is required to cure
the share price non-compliance, as would be the case to effectuate
a reverse stock split. The company plans to notify the NYSE of its
intent to implement a reverse stock split, subject to required
approvals, at the next annual meeting of stockholders, if it does
not achieve an accelerated cure before then. Doma will regain
compliance if on the last trading day of any calendar month during
the cure period the company has a closing price of at least $1.00
per share and an average closing price of at least $1.00 per share
over the 30-trading day period ending on the last trading day of
that month.
Under the NYSE rules, the company’s common stock will continue
to be listed and traded on the NYSE, subject to the company’s
compliance with other continued listing requirements.
About Doma
Doma is a real estate technology company that is disrupting a
century-old industry by building an instant and frictionless home
closing experience for buyers and sellers. Doma uses proprietary
machine intelligence technology and deep human expertise to create
a vastly more simple and affordable experience for everyone
involved in a residential real estate transaction, including
current and prospective homeowners, mortgage lenders, title agents,
and real estate professionals. With Doma, what used to take days
can now be done in minutes, replacing an arcane and cumbersome
process with a digital experience designed for today's world. To
learn more visit doma.com.
Forward-Looking Statements Legend
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target” or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. The
absence of these words does not mean that a statement is not
forward-looking. Such statements are based on the beliefs of, as
well as assumptions made by information currently available to Doma
management.
These forward-looking statements include, but are not limited
to, statements regarding the ability to maintain the listing of
Doma’s common stock on the NYSE, obtaining stockholder approval for
a reverse stock split and the potential benefits of the
transactions described herein. These statements are based on
various assumptions, whether or not identified in this press
release, and on the current expectation of Doma’s management and
are not predictions of actual performance. These forward-looking
statements are provided for illustrative purposes only and are not
intended to serve as, and must not be relied on by any investor as,
a guarantee, an assurance, a prediction or a definitive statement
of fact or probability. Actual events and circumstances are
difficult or impossible to predict, will differ from assumptions
and are beyond the control of Doma.
These forward-looking statements are subject to a number of
risks and uncertainties, including changes in business, market,
financial, political and legal conditions; risks relating to the
uncertainty of the projected financial information with respect to
Doma; future global, regional or local economic, political, market
and social conditions, including due to the COVID-19 pandemic; the
development, effects and enforcement of laws and regulations,
including with respect to the title insurance industry; Doma’s
ability to manage its future growth or to develop or acquire
enhancements to its platform; the effects of competition on Doma’s
future business; the outcome of any potential litigation,
government and regulatory proceedings, investigations and
inquiries; and those other factors described in Part I, Item 1A -
“Risk Factors” of our Annual Report on Form 10-K for the year ended
December 31, 2021 and any subsequent reports filed by Doma from
time to time with the U.S. Securities and Exchange Commission (the
“SEC”).
If any of these risks materialize or Doma’s assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. There may be
additional risks that Doma does not presently know or that Doma
currently believes are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect Doma’s
expectations, plans or forecasts of future events and views as of
the date of this press release. Doma anticipates that subsequent
events and developments will cause Doma’s assessments to change.
However, while Doma may elect to update these forward-looking
statements at some point in the future, Doma specifically disclaims
any obligation to do so, except as required by law. These
forward-looking statements should not be relied upon as
representing Doma’s assessment as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220804005312/en/
Investor Contact: Beatriz Bartolome | Head of Investor
Relations for Doma | ir@doma.com Media Contact: Camilla
Whitmore | Lead, Public Relations for Doma | press@doma.com
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