Minerva Surgical : Modification to Rights of Security Holders - Form 8-K

Item 3.03. Material Modification to Rights of Security Holders.

On September 28, 2023, Minerva Surgical Inc. (the "Company"), filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation (the "Amendment") with the Secretary of State of the State of Delaware to effect a 1-for-20 reverse stock split (the "Reverse Stock Split") of the Company's shares of common stock, $0.001 par value (the "Common Stock").

As previously disclosed, at a special meeting held on February 7, 2023, the Company's stockholders approved the Reverse Stock Split with a ratio within a range of between 1-for-5 and 1-for-25, with the exact ratio to be set at the discretion of the Company's Board of Directors. On September 19, 2023, the Board of Directors approved a ratio of 1-for-20 for the Reverse Stock Split.

Pursuant to the Amendment, the Reverse Stock Split will be effective at 11:59 p.m. on September 29, 2023 (the "Split Effective Time"), and the Common Stock will be begin trading on the Nasdaq Capital Market on a post-split basis when the market opens on October 2, 2023. The Company's post-split Common Stock has a new CUSIP number, 60343F 205, but the par value and other terms of the Common Stock were not affected. The trading symbol of the Company's Common Stock will continue to be "UTRS."

Following the Split Effective Time, every 20 shares of Minerva Surgical, Inc. common stock issued and outstanding will be automatically combined and reclassified into one share of common stock. Outstanding equity-based awards, warrants and other equity rights will be proportionately adjusted pursuant to their terms and the number of shares authorized and reserved for issuance upon vesting of restricted stock units or exercise of stock options and warrants will be reduced proportionately. No fractional shares will be issued as a result of the reverse stock split. Stockholders who would otherwise hold a fractional share as a result of the Reverse Stock Split will receive an amount of cash equal to the product of (i) the fractional share to which the holder would otherwise be entitled and (ii) the closing price per share on the trading day immediately preceding the effective time of the Reverse Stock Split (as adjusted to give effect to the Reverse Stock Split), without interest.

The Reverse Stock Split affected all stockholders uniformly and did not alter any stockholder's percentage interest in the Company's equity. Shortly following the Split Effective Time, stockholders of record will be receiving information from Equiniti Trust Company, LLC, the Company's transfer agent, regarding their stock ownership following the Reverse Stock Split. Stockholders who hold their shares in brokerage accounts or in "street name" are not required to take any action in connection with the Reverse Stock Split. Their accounts will be automatically adjusted to reflect the number of shares owned.

The foregoing description of the Amendment and the Reverse Stock Split set forth above does not purport to be complete and is qualified in its entirety by reference to the Amendment. A copy of the Amendment is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.