Greenlane Announces Board's Approval of Reverse Stock Split Ratio and Effectiveness Date

About this update from Greenlane Holdings, Inc.

[{"type":"text","content":"BOCA RATON, FL / ACCESSWIRE / August 4, 2022 / Greenlane Holdings, Inc. (Nasdaq:GNLN) (\"Greenlane\"), one of the largest global sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today announced that it will effect a one-for-20 reverse stock split (\"reverse split\") of its Class A common stock, par value $0.01 per share (\"Class A common stock\") and Class B common stock, par value $0.0001 per share (\"Class B common stock\" and together with the Class A common stock, the \"Common Stock\") that will become effective on August 9, 2022 at 5:01 PM Eastern Time, after the close of trading on The Nasdaq Global Market (\"Nasdaq\"). On August 10, 2022, Greenlane's Class A common stock will begin trading 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 395330202.At Greenlane's annual meeting of stockholders on August 4, 2022 (the \"Annual Meeting\"), Greenlane's stockholders approved the proposal to authorize Greenlane's board of directors (the \"Board\"), in its sole and absolute discretion, to file an 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-five to one-for-20. On August 4, 2022, the Board approved the reverse split at a ratio of one-for-20 and the Amendment was filed with the Secretary of State of the State of Delaware, which will become effective on August 9, 2022 at 5:01 PM Eastern Time, after the close of trading on the Nasdaq.The reverse split will affect all issued and outstanding shares of Common Stock. All outstanding options, restricted stock awards, warrants and other securities entitling their holders to purchase or otherwise receive shares of 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 Second Amended and Restated 2019 Equity Incentive Plan, which was approved by stockholders at the Annual Meeting, will also be appropria...

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