Vicarious Surgical Announces Reverse Share Consolidation

WALTHAM, Mass., June 10, 2024–(BUSINESS WIRE)–Vicarious Surgical Inc. (“Vicarious Surgical” or the “Company”) (NYSE: RBOT, RBOT WS), a next-generation robotics technology company seeking to improve lives through transformation of surgical robotics, announced today that it will complete a 1-for-30 reverse stock split of the Company’s issued and outstanding Class A common stock, par value $0.0001 per share, and Class B common stock, with a par value of $0.0001 per share.

The reverse stock split was approved by Vicarious Surgical shareholders at the Company’s annual meeting of shareholders held on June 10, 2024, with the final ratio to be determined by the Company’s board of directors within the ratio range authorized by the shareholders. The reverse split is primarily intended to increase the trading price per share of the Company and bring the Company into compliance with the New York Stock Exchange’s minimum share price listing requirements.

The Company anticipates that the 1-for-30 reverse stock split will be effective at 4:15 p.m. on June 12, 2024 and that the Company’s Class A common stock will be open for trading on the New York Stock Exchange following the split . on June 13, 2024 under the Company’s existing trading symbol “RBOT”. The new CUSIP number for the Class A common stock following the reverse stock split will be 92561V208. The Company’s publicly traded warrants will continue to trade under the symbol “RBOT WS” and the CUSIP identifier of the warrants will remain unchanged.

At the time of the reverse stock split, all 30 issued and outstanding shares of common stock of the Company will be combined into 1 issued and outstanding share of common stock, with no change in par value of $0.0001 per share. This will reduce the number of issued and outstanding shares of Class A common stock from approximately 156,762,690 to approximately 5,225,423 and the number of issued and outstanding shares of Class B common stock from approximately 19,619,760 to approximately 653,992 . The total authorized number of common shares will remain the same.

No fractional shares will be issued as part of the reverse stock split. Each shareholder who would otherwise be entitled to receive a fractional share of Vicarious Surgical common stock will be entitled to receive cash. All outstanding options, warrants, restricted stock units and similar securities entitling their holders to receive or purchase shares of common stock will be adjusted following the reverse stock split as required under the terms of each security, and the number of shares. of common shares available for issuance under the Company’s stock incentive plans will be adjusted in accordance with the terms of each plan.

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Prior to the reverse stock split, the Company has (i) publicly issued warrants listed on the New York Stock Exchange to purchase an aggregate of 17,248,601 shares of Class A common stock (the “Public Warrants”) and (ii) privately placed warrants. to purchase an aggregate of 10,400,000 shares of Class A common stock (the “Private Placement Warrants” and, together with the Public Placement Warrants, the “Warrants”), with each entire Warrant exercisable to purchase a share of Class A common stock at $11.50 per share. Given the reverse stock split, the warrants will be exercisable for a total of approximately 921,620 shares of Class A common stock with an exercise price of $345.00 per share.

The reverse stock split will affect all shareholders uniformly and will not change a shareholder’s percentage ownership interest in the Company, except for adjustments that may result from the treatment of fractional shares.

About Vicarious Surgical

Founded in 2014, Vicarious Surgical is a next-generation robotics company, developing unique disruptive technology with the multiple goals of significantly increasing the efficiency of surgical procedures, improving patient outcomes and reducing patient costs. health care. The company’s new surgical approach uses proprietary human-like surgical robots to virtually transport surgeons inside the patient to perform minimally invasive surgery. The company is led by an experienced team of technologists, medical device professionals and physicians, and is backed by technology luminaries such as Bill Gates, Vinod Khosla’s Khosla Ventures, Innovation Endeavors, Jerry Yang’s AME Cloud Ventures, Sun Hung Kai & Co. Ltd and Philip. Liang’s E15 VC. The company is headquartered in Waltham, Massachusetts. Learn more at www.vicarioussurgical.com.

Forward-looking statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from its expectations, estimates and projections and, therefore, Therefore, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical fact contained herein, including, without limitation, statements about the Company’s intention to re-comply with the listing requirement of the New York Stock Exchange with respect to the minimum share. Price, among other things, are forward-looking statements that reflect management’s current beliefs and expectations. These forward-looking statements involve important risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are beyond Vicarious Surgical’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: changes in applicable laws or regulations; Vicarious Surgical’s ability to raise financing in the future; the success, cost and timing of Vicarious Surgical’s product and service development activities; the potential attributes and benefits of Vicarious Surgical’s product candidates and services; Vicarious Surgical’s ability to obtain and maintain regulatory approval for the Vicarious System in a timely manner, as well as any associated restrictions and limitations of any approved products; the size and duration of human clinical trials for Vicarious Surgical; Vicarious Surgical’s ability to identify, license or acquire additional technology; Vicarious Surgical’s ability to maintain its existing licensing, manufacturing, supply and distribution agreements and scale manufacturing of the Vicarious Surgical system and any future product candidates to commercial quantities; Vicarious Surgical’s ability to compete with other companies marketing or engaged in the development of products and services that Vicarious Surgical currently markets or develops, as well as the use of open medical practices; the size and growth potential of the markets for Vicarious Surgical’s product candidates and services, and its ability to serve these markets, alone or in partnership with others; pricing of Vicarious Surgical’s product candidates and services and reimbursement for medical procedures performed using its product candidates and services; the company’s ability to meet its estimates regarding expenses, revenues, capital requirements, liquidity and additional financing needs; the financial performance of Vicarious Surgical; Vicarious Surgical’s intellectual property rights, its ability to protect or enforce those rights, and the impact on its business, results and financial condition if it fails to do so; economic downturns, political and market conditions and their potential to adversely affect Vicarious Surgical’s business, financial condition and results of operations; and other risks and uncertainties set forth from time to time in Vicarious Surgical’s filings with the SEC. Vicarious Surgical cautions that the above list of factors is not exclusive. The Company cautions readers not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Vicarious Surgical neither undertakes nor accepts any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances upon which such statement is made. is based.

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Contacts

Investor contact
Kaitlyn Brosco
Surgical by proxy
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Marissa Bych
Gilmartin Group
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