Business
Cineverse Announces 1-for-20 Reverse Stock Split
LOS ANGELES, June 8, 2023 /PRNewswire/ -- Cineverse Corp. ("Cineverse" or the "Company") (NASDAQ: CNVS), a global streaming technology and entertainment
About this update from Cineverse Corp.
[{"type":"text","content":"LOS ANGELES, June 8, 2023 /PRNewswire/ -- Cineverse Corp. (\"Cineverse\" or the \"Company\") (NASDAQ: CNVS), a global streaming technology and entertainment company with one of the world's largest portfolios of streaming channels and streaming content libraries, today announced that its Board of Directors has approved a 1-for-20 reverse stock split of the Company's issued and outstanding Class A common stock (the \"Reverse Stock Split\"). The Reverse Stock Split will go into effect at 12:01 a.m. Eastern Time on June 9, 2023. The Company's common stock is expected to begin trading on The Nasdaq Capital Market on a split-adjusted basis on June 9, 2023.\n\n \n \n \n \n \n \n\n \nThe Company's stockholders approved the Reverse Stock Split at the special meeting of stockholders held on May 30, 2023, at a ratio ranging from 1-for-2 to 1-for-20, with such ratio and the implementation and timing of such Reverse Stock Split to be determined by the Company's Board of Directors.\nThe principal purpose of the Reverse Stock Split is to decrease the total number of shares of common stock outstanding and proportionately increase the market price of the common stock in order to meet the continued listing requirements of The Nasdaq Capital Market. The Company's common stock will continue to trade under the symbol \"CNVS.\"\nAs a result of the Reverse Stock Split, every 20 shares of the Company's common stock issued and outstanding will be automatically reclassified into one new share of common stock. The Reverse Stock Split will not modify any rights or preferences of the shares of the Company's common stock. Proportionate adjustments will be made to the exercise prices and the number of shares underlying the Company's outstanding equity awards, as applicable, as well as to the number of shares issuable under the Company's equity incentive plans. The common stock issued pursuant to the Reverse Stock Split will remain fully paid and non-assessable. The Reverse Stock Split will not affect the number of authorized shares of common stock or the par value of the common stock nor will it change the authorized shares of Preferred Stock or the relative voting power of such holders of our outstanding common stock and Preferred Stock.\nNo fractional shares will be issued in connection with the Reverse Stock Split. Stockholders who would otherwise be entit...