Exhibit 99.1
Allurion Technologies, Inc. Announces Reverse Stock Split
NATICK, Mass., December 24, 2024 (GLOBE NEWSWIRE) – Allurion Technologies, Inc. (NYSE: ALUR) (“Allurion” or the “Company”), a company dedicated to ending obesity, today announced that its Board of Directors has determined to effect a one-for-twenty five reverse stock split of the Company’s common stock, par value $0.0001 per share (the “Common Stock”).
The reverse stock split will take effect at 12:01 a.m. Eastern Time on January 3, 2025, and the Company’s Common Stock will begin trading on a split-adjusted basis on The New York Stock Exchange (“NYSE”) as of the opening of trading on January 3, 2025. The CUSIP number of 02008G 201 will be assigned to the Company’s Common Stock when the reverse stock split becomes effective.
When the reverse stock split becomes effective, every twenty five (25) of the Company’s issued shares of Common Stock will be combined into one (1) issued share of Common Stock, without any change to the par value per share. This will reduce the number of outstanding shares of Common Stock from approximately 67,781,585 million shares to approximately 2,711,263 million shares.
No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise hold a fraction of a share of Common Stock of the Company will automatically be entitled to receive an additional fraction of a share of Common Stock to round up to the next whole share.
Proportional adjustments will also be made to the number of shares of Common Stock awarded and available for issuance under the Company’s equity incentive plans, as well as the exercise price and the number of shares issuable upon the exercise or conversion of the Company’s outstanding stock options, restricted stock units and other equity securities under the Company’s equity incentive plans. Additionally, all outstanding convertible notes will be adjusted in accordance with their terms, which will, among other changes to the convertible note terms, result in proportionate adjustments being made to the number of shares issuable upon exercise of such convertible notes and to the exercise and redemption prices of such convertible notes. All outstanding warrants will also be adjusted in accordance with their terms, which will, among other changes to the warrant terms, result in proportionate adjustments being made to the number of shares issuable upon exercise of such warrants and to the exercise and redemption prices of such warrants. Specifically, following the effectiveness of the reverse stock split, every twenty five (25) shares of Common Stock that may be purchased pursuant to the exercise of public warrants will represent one (1) share of Common Stock that may be purchased pursuant to such warrants. Accordingly, for the Company’s warrants trading under the symbol “ALUR WS”, each whole public warrant will be exercisable for 0.056818 shares of common stock at an exercise price of $202.50 per share of Common Stock, which is based on each public warrant being exercisable for 1.420455 shares of common stock before the reverse stock split, adjusted for the 25:1 reverse stock split ratio.
Stockholders with shares held in book-entry form or through a bank, broker, or other nominee are not required to take any action and will see the consequence of the reverse stock split reflected in their accounts on or after January 3, 2025. Such beneficial holders may contact their bank, broker, or nominee for more information.
The reverse stock split ratio approved by the Board of Directors is within the previously disclosed range of ratios for a reverse stock split authorized by the stockholders of the Company at the 2024 Annual Meeting of Stockholders of the Company held on December 16, 2024.
On August 12, 2024, the Company received a letter (the “Minimum Price Requirement Letter”) from the staff at the NYSE notifying the Company that, for the 30 consecutive trading days prior to the date of the Minimum Price Requirement Letter, the closing bid price for the Common Stock had been below the minimum $1.00 per share, as set forth in Rule 802.01C of the NYSE Listed Company Manual, which is required for continued listing of the Common Stock on the NYSE (the “Minimum Price Requirement”).
