Babylon Receives Share Price Notice from the New York Stock Exchange (NYSE) and has Secured Shareholder Approval to Implement a Reverse Share Split to Rectify the Matter


AUSTIN, TX & LONDON, September 22, 2022–(BUSINESS WIRE)–Babylon (NYSE:BBLN) (“Babylon”), announced today that it was notified by the New York Stock Exchange (the “NYSE”) on September 15, 2022 that it was subject to NYSE Rule 802.01C of the NYSE Listed Company Manual requiring a listing , Company fails to maintain an average closing stock price of at least $1.00 over a 30 consecutive trading day period (the “Notice”).

Babylon has notified the NYSE of its intention to remedy this deficiency by conducting a reverse stock split within six months of receipt of the notice, in accordance with NYSE rules. At Babylon’s AGM on September 14, 2022, Babylon received shareholder approval for a reverse stock split at a consolidation ratio of between 15 and 25. After Babylon’s board of directors approves the applicable consolidation ratio, Babylon intends to proceed with the implementation of the reverse stock split as soon as possible in the fourth quarter of 2022. Following the consummation of the reverse stock split, the deficiency will be deemed cured if the closing price of Class A common stock immediately exceeds $1.00 per share and the price remains above that level for at least the following 30 trading days.

The announcement will not result in the delisting of Babylon’s Class A common stock, which will continue to be listed and traded on the NYSE. In addition, the notice will not affect Babylon’s business operations or its reporting requirements with the Securities and Exchange Commission, and will not conflict with or create a breach of any material debt covenants.

Babylon believes that a reverse stock split will also benefit its shareholders as it will allow Babylon to reach additional institutional shareholders who have floor price requirements in their investment decisions.

About Babylon

Babylon is one of the world’s fastest growing digital healthcare companies whose mission is to make quality healthcare accessible and affordable for everyone on earth.

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Babylon is reimagining the way people engage with their care at every step of the healthcare continuum. By shifting the model from reactive healthcare to proactive healthcare through the devices people already own, it provides continuous, always-available care to millions of people worldwide. Babylon has already shown that in environments as diverse as the developed United Kingdom or developing Rwanda, urban New York or rural Missouri, it is possible for people of all ages to achieve its mission by delivering its highly scalable digital-first platform combined with leverages high quality, virtual clinical operations to deliver integrated, personalized healthcare.

Founded in 2013, Babylon’s technology and clinical services support a global patient network in 15 countries and can operate in 16 languages. In 2021 alone, Babylon helped a patient every 6 seconds, with approximately 5.2 million consultations and AI interactions. Importantly, this has been achieved with a user retention rate of 93% across our NHS GP at Hand service and 4 or 5 star ratings from more than 90% of our users across all our regions.

Babylon is also working with governments, healthcare providers, employers, and insurers around the world to provide them with a new infrastructure that any partner can leverage to deliver quality healthcare with lower costs and better outcomes. Visit www.babylonhealth.com for more information.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operational performance. As used in this press release, the words “estimate”, “forecast”, “expect”, “anticipate”, “forecast”, “plan”, “intend”, “believe”, “aim”, “may”, “will”, “ should”, “future”, “propose” and variations of these words or similar phrases (or the negative versions of such words or phrases) are intended to identify forward-looking statements. These forward-looking statements include, without limitation, information about Babylon’s potential or anticipated future operating results, business strategies, leverage levels, competitive position, industry environment and potential growth opportunities.

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These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of Babylon management, which could cause actual results to differ materially from differ from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, among other things, our future financial and operating results and our ability to generate future profits; that we may need additional financing and that we will be able to obtain additional financing on favorable terms; if we fail to comply with the continuing listing standards and rules of the NYSE, the NYSE may delist our Class A common stock; uncertainties related to our ability to continue as a going concern; our ability to successfully execute our planned cost reduction measures and realize anticipated cost savings; the growth of our business and organization; risks associated with the impairment of goodwill and other intangible assets; our failure to compete successfully; our ability to renew contracts with existing customers and risks of renewals at lower fee levels or significant reductions in members, prices or rewards under our contracts due to factors beyond our control; our dependence on our relationships with medically owned businesses; our ability to maintain and expand a network of qualified vendors; our ability to increase individual member engagement or realize anticipated savings in member healthcare costs; a significant portion of our revenue comes from a limited number of customers; the uncertainty and potential inadequacy of our claims estimates for medical costs and expenses; risks associated with estimating the amount and timing of revenue recognized under our license agreements and value-based benefit agreements with health plans; risks related to our physician partners’ failure to accurately, timely and adequately document their services; risks related to inaccurate or unreasonable information about members’ risk adjustment values ​​in health plan records and submissions; risks related to reductions in reimbursement rates paid by third-party payers or state or government healthcare programs; risks related to regulatory proposals aimed at containing or reducing healthcare costs, including the ACO REACH model; immaturity and volatility of the telemedicine market and our unproven digital-first approach; our ability to develop and launch new solutions and services; difficulties in hiring and retaining talent to operate our business; risks related to our international operations, economic uncertainty or downturns; the impact of COVID-19 or any other pandemic, epidemic or infectious disease outbreak in the United States or worldwide on our business; risks related to exchange rate fluctuations and restrictions; and the other risks and uncertainties discussed in Babylon’s annual report on Form 20-F filed with the SEC on March 30, 2022 and other documents filed or to be filed by Babylon with the SEC, which are available on the SEC’s website at www .sec .gov.

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Babylon cautions that the foregoing list of factors is not exclusive and cautions readers not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Except as required by law, Babylon undertakes no obligation to update or revise any of its forward-looking statements to reflect events or circumstances after the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220922005283/en/

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