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Form 8-K Vicarious Surgical Inc. For: Jun 10

June 14, 2024 9:12 PM EDT
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): June 10, 2024

 

VICARIOUS SURGICAL INC.

(Exact name of registrant as specified in its charter)

 

Delaware   001-39384   87-2678169
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

 

78 Fourth Avenue
Waltham, Massachusetts 
  02451
(Address of principal executive offices)   (Zip Code)  

 

Registrant’s telephone number, including area code: (617) 868-1700

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on
which registered
Class A common stock, par value $0.0001 per share   RBOT   The New York Stock Exchange
Warrants to purchase Class A common stock, at an exercise price of $345.00 per share   RBOT WS   The New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

 

 

Item 3.03 Material Modification to Rights of Security Holders.

 

Reverse Stock Split

 

On June 10, 2024, Vicarious Surgical Inc. (the “Company”), held its 2024 annual meeting of stockholders (the “Annual Meeting”) and, at the Annual Meeting, the Company’s stockholders approved the grant of discretionary authority to the Company’s Board of Directors (the “Board”) to amend the Company’s Certificate of Incorporation, as amended (“Certificate of Incorporation”), to effect a reverse stock split of all of the issued and outstanding Class A common stock and Class B common stock at a ratio of not less than 1-for-5 and not more than 1-for-30 (the “Proposed Reverse Stock Split”), and to grant authorization to the Board to determine, in its sole discretion, the specific ratio at any whole number within such share range and the timing of the Proposed Reverse Stock Split becoming effective. The Board approved effecting the Proposed Reverse Stock Split, effective as of June 12, 2024, and fixed a ratio for the reverse stock split at 1-for-30. On June 12, 2024, the Company filed the amendment to the Certificate of Incorporation attached hereto as Exhibit 3.1 with the Secretary of State of the State of Delaware (the “Certificate of Amendment”). The Certificate of Amendment effected a reverse stock split of the Class A common stock and Class B common stock at a ratio of 1-for-30 (the “Reverse Stock Split”), which became effective as of 4:15 p.m., Eastern Time, on June 12, 2024 (the “Effective Date”).

 

Impact on Class A Common Stock and Class B Common Stock

 

As of the Effective Date, the Company had 156,762,690 shares of Class A common stock issued and outstanding, and 19,619,760 shares of Class B common stock issued and outstanding. As a result of the Reverse Stock Split, every 30 shares of the Company’s Class A common stock issued and outstanding was automatically combined into one share of Class A common stock and every 30 shares of the Company’s Class B common stock issued and outstanding was automatically combined into one share of Class B common stock. Immediately following the Reverse Stock Split, there were approximately 5,225,423 shares of Class A common stock issued and outstanding and approximately 653,992 shares of Class B common stock issued and outstanding. The total number of authorized shares of Class A common stock and Class B common stock remained the same following the Reverse Stock Split. The Reverse Stock Split did not change the par value of the Class A common stock or Class B common stock or modify any voting rights or other terms of the common stock. The Company’s Class A common stock opened for trading on the New York Stock Exchange on a post-split basis under the Company’s existing trading symbol, “RBOT,” on June 13, 2024, and the new CUSIP identifier for the Class A common stock following the Reverse Stock Split is 92561V208.

 

Impact on Warrants

 

As of the Effective Date, the Company had publicly issued warrants listed on the New York Stock Exchange to purchase a total of 17,248,601 shares of Class A common stock (the “public warrants”) and privately placed warrants to purchase a total of 10,400,000 shares of Class A common stock (the “private placement warrants” and, together with the public warrants, the “Warrants”), with each whole Warrant being exercisable to purchase one share of Class A common stock at $11.50 per share. After giving effect to 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 Company’s public warrants will continue to be traded under the symbol “RBOT WS” and the CUSIP identifier for the warrants will remain unchanged.

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On June 10, 2024, the Company held its Annual Meeting. At the Annual Meeting, the Company’s stockholders approved an amendment to the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) that includes the following material changes:

 

The aggregate number of shares of the Company’s common stock that may be issued under the 2021 Plan is increased by 5,000,000 shares, subject to adjustment for certain changes in the Company’s capitalization. The increase was adjusted as a result of the Reverse Stock Split to 166,666 shares.

 

The aggregate maximum number of shares of the Company’s common stock that may be issued pursuant to the exercise of incentive stock options under the 2021 Plan is increased by 5,000,000 shares, subject to adjustment for certain changes in the Company’s capitalization. The increase was adjusted as a result of the Reverse Stock Split to 166,666 shares.

 

A detailed summary of the material features of the 2021 Plan is set forth in the Company’s definitive proxy statement for the Annual Meeting filed with the Securities and Exchange Commission on April 23, 2024 (the “Proxy Statement”). That summary and the foregoing description of the 2021 Plan is qualified in its entirety by reference to the full text of the 2021 Plan, a copy of which is set forth in Appendix A of the Proxy Statement.

 

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Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

 

To the extent required by Item 5.03 of Form 8-K, the information contained in Item 3.03 of this Current Report on Form 8-K is incorporated herein by reference.

 

Item 5.07 Submission of Matters to a Vote of Security Holders.

 

On June 10, 2024, the Company held its Annual Meeting. At the Annual Meeting, the Company’s stockholders voted on four proposals, each of which is described in more detail in the Proxy Statement. At the Annual Meeting, there were an aggregate of 120,407,207 shares of Class A common stock and Class B common stock present or represented by proxy, which represented approximately 89.86% of the outstanding total voting power of the shares of Class A common stock and Class B common stock entitled to vote at the Annual Meeting (voting together as a single class), which constituted a quorum for the transaction of business. Holders of the Company’s Class A common stock were entitled to one vote for each share held as of close of business on April 19, 2024 (the “Record Date”), and holders of the Company’s Class B common stock were entitled to 20 votes for each share held as of the Record Date.

 

The following actions were taken at such meeting:

 

1. The following nominees were elected to serve on the Company’s Board until the Company’s 2025 annual meeting of stockholders, based on the following votes:

 

Nominee  Votes
For
   Votes
Withheld
   Broker
Non-Votes
 
Adam Sachs   444,820,546    752,746    47,609,355 
Sammy Khalifa   444,826,567    746,725    47,609,355 
Victoria Carr-Brendel   439,427,532    6,145,760    47,609,355 
Ric Fulop   432,927,103    12,646,189    47,609,355 
David Ho   434,766,287    10,807,005    47,609,355 
Beverly Huss   439,426,920    6,146,372    47,609,355 
Donald Tang   445,037,523    535,769    47,609,355 

 

2. The amendment to the 2021 Plan was approved, based on the following results:

 

Votes For   Votes Against   Abstentions   Broker Non-Votes
443,072,603   2,330,928   169,761   47,609,355

 

3. An amendment to the Company’s Certificate of Incorporation to effect the Proposed Reverse Stock Split, and to grant authorization to the Board to determine, in its sole discretion, the specific ratio at any whole number within such share range and the timing of the Proposed Reverse Stock Split becoming effective or to abandon the Proposed Reverse Stock Split was approved, based on the following results:

 

Votes For   Votes Against   Abstentions   Broker Non-Votes
478,340,296   14,451,371   390,980   47,609,355

 

4. The appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024 was ratified, based on the following results:

 

Votes For   Votes Against   Abstentions   Broker Non-Votes
491,273,237   1,661,318   248,092   0

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.   Description
3.1   Certificate of Amendment to the Certificate of Incorporation of the Registrant, as filed with the Secretary of State of the State of Delaware on June 12, 2024
104   Cover Page Interactive Data File (embedded with the Inline XBRL document)

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  VICARIOUS SURGICAL INC.
   
  By: /s/Adam Sachs
  Name:  Adam Sachs
  Title: Chief Executive Officer

 

Date: June 14, 2024 

 

 

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ATTACHMENTS / EXHIBITS

CERTIFICATE OF AMENDMENT TO THE CERTIFICATE OF INCORPORATION OF THE REGISTRANT, AS FILED WITH THE SECRETARY OF STATE OF THE STATE OF DELAWARE ON JUNE 12, 2024

XBRL SCHEMA FILE

XBRL DEFINITION FILE

XBRL LABEL FILE

XBRL PRESENTATION FILE

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IDEA: Financial_Report.xlsx

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: ea0207849-8k_vicarious_htm.xml



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