Business
Greenlane Announces Board’s Approval of Reverse Stock Split Ratio
BOCA RATON, FL / ACCESSWIRE / July 31, 2024 / Greenlane Holdings, Inc. (NASDAQ:GNLN) ("Greenlane"), a global seller of premium cannabis accessories,
About this update from Greenlane Holdings, Inc.
[{"type":"text","content":"BOCA RATON, FL / ACCESSWIRE / July 31, 2024 / Greenlane Holdings, Inc. (NASDAQ:GNLN) (\"Greenlane\"), a global seller of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today announced that it will effect a one-for-11 reverse stock split (\"reverse split\") of its Class A common stock, par value $0.01 per share (\"Class A common stock\"), that will become effective on August 5, 2024 at 12:01 AM Eastern Time, before the opening of trading on The Nasdaq Capital Market (\"Nasdaq\"). Greenlane has requested that Greenlane's Class A common stock begin trading on August 5, 2024, on a post-reverse split basis on the Nasdaq under the existing symbol \"GNLN.\"The reverse split is primarily intended to bring Greenlane into compliance with the minimum bid price requirement for maintaining its listing on the Nasdaq. The new CUSIP number for the Class A common stock following the reverse split will be 395330400.At Greenlane's special meeting of stockholders on July 29, 2024 (the \"Special Meeting\"), Greenlane's stockholders approved the proposal to authorize Greenlane's board of directors (the \"Board\"), in its sole and absolute discretion, to file a certificate of amendment (the \"Amendment\") to Greenlane's amended and restated certificate of incorporation to effect the reverse split at a ratio to be determined by the Board, ranging from one-for-two to one-for-20. On July 23, 2024, the Board approved the reverse split at a ratio of one-for-11 and the Amendment has been filed with the Secretary of State of the State of Delaware, which will become effective on August 5, 2024 at 12:01 AM Eastern Time, before the opening of trading on the Nasdaq.The reverse split will affect all issued and outstanding shares of Class A common Stock. All outstanding options, restricted stock awards, warrants and other securities entitling their holders to purchase or otherwise receive shares of Class A common stock will be adjusted as a result of the reverse split, as required by the terms of each security. The number of shares available to be awarded under Greenlane's Third Amended and Restated 2019 Equity Incentive Plan, will also be appropriately adjusted. Following the reverse split, the par value of the Class A common stock will remain unchanged at $0.01 per share. The reverse split will not change the author...