Greenlane Announces Board Approval of Reverse Stock Split Ratio and Effective Date
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BOCA RATON, FL /ACCESSWIRE/August 4, 2022/ Greenlane Holdings, Inc. (Nasdaq: GNLN) (“Greenlane”), one of the world’s largest sellers of premium cannabis accessories, child-resistant packaging and specialty vaping products, has announced today that it will effect a reverse stock split (“consolidation”) of its Class A common stock, par value of $0.01 per share (“Class A common stock”) and its common stock Class B shares, par value of $0.0001 per share (“Class B common shares” and together with the Class A common shares, the “Common shares”) which will be effective on August 9, 2022 at 5:01 p.m. East after the close of business on the Nasdaq Global Market (“Nasdaq”). On August 10, 2022, Greenlane’s Class A common stock will begin trading on a post-consolidation 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 to maintain its Nasdaq listing. The new CUSIP number for the Class A common shares after the consolidation will be 395330202.
At Greenlane’s annual meeting of shareholders on August 4, 2022 (the “Annual Meeting”), Greenlane shareholders approved the proposal to authorize Greenlane’s board of directors (the “Board”), at 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 five to one for 20. On August 4, 2022, the board approved the reverse split in a one-to-20 ratio and the amendment was filed with the Secretary of State for the State of Delaware, effective August 9, 2022 at 5:01 a.m. Eastern Time, after Nasdaq markets close.
The reverse split will affect all issued and outstanding common shares. All outstanding options, restricted stock awards, warrants and other securities entitling their holders to purchase or receive common stock will be adjusted following the reverse split, as required by the terms of each security. The number of shares that may be awarded under Greenlane’s Second Amended and Restated 2019 Equity Incentive Plan, which was approved by shareholders at the annual meeting, will also be adjusted accordingly. Following the reverse split, the par value of the Class A common shares will remain unchanged at $0.01 per share and the par value of the Class B common shares will remain unchanged at $0.0001 per share, respectively. The Consolidation will not change the authorized number of Common Shares or Preferred Shares. No fractional shares will be issued under the reverse split, and shareholders who would otherwise be entitled to receive a fractional share will instead receive a cash payment equal to such fraction multiplied by the average of the closing prices. of Class A common stock (as adjusted to give effect to the Reverse Split) on the Nasdaq for the five consecutive trading days immediately preceding the Effective Date. The reverse split will affect all shareholders equally and will not change a shareholder’s percentage interest in Greenlane’s equity (other than due to payment in cash instead of fractional shares).
The reverse split will reduce the number of issued and outstanding Class A common shares from approximately 137.5 million to approximately 6.9 million and will reduce the number of issued and outstanding Class B common shares by approximately 5, 2 million to about 260,000.
About Greenlane Holdings, Inc.
Greenlane is the world’s leading platform for the development and distribution of premium cannabis accessories, packaging, vaping solutions and lifestyle products. We operate as a powerful brand house, third-party brand accelerator and omnichannel distribution platform, delivering unmatched product quality, customer service, compliance insights, operations and logistics to accelerate growth. of our customers.
Founded in 2005, Greenlane serves a diverse and expansive customer base with over 8,000 retail outlets, including licensed cannabis dispensaries, smokehouses and specialty retailers. As a cannabis pioneer, Greenlane is the partner of choice for many multi-state operators, licensed growers and industry-leading brands, including Storz & Bickel (owned by Canopy), Cookies, Grenco Science and CCELL.
We are proud to own and operate a diverse portfolio of brands, including davinci vaporizers, Pollen equipment”the K. Haring Glasses Collection by higher standards and Marley Natural”. Higher standards, Greenlane’s flagship brand, offers both a premium product line and an immersive retail experience with groundbreaking stores in Chelsea Market in New York and Malibu, California. Greenlane also owns and operates Vapor.com and VapoShop.com, two industry-leading direct-to-consumer e-commerce platforms in North America and Europe respectively.
For more information, please visit: https://gnln.com/.
Certain matters contained in this press release are addressed in forward-looking language as specified in the Private Securities Litigation Reform Act of 1995 and, as such, may involve known and unknown risks, uncertainties and other factors that may cause actual results or performance to differ from those projected in the forward-looking statements. These forward-looking statements include, among other things, statements relating to: the current and future performance of the Company’s business, the Company’s ability to satisfy the various rules and requirements imposed by the Nasdaq Stock Market, unforeseen technical problems that could cause Greenlane’s Class A common stock not trading on the Nasdaq on a post-stock split basis on August 10, 2022 as expected and the Company’s financial outlook and expectations. For a description of factors that could cause the company’s actual results or performance to differ from its forward-looking statements, please see the information under the heading “Risk Factors” included in the company’s most recent Annual Report on Form 10. -K for the year. ended December 31, 2021, the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022 and the Company’s other filings with the SEC, which are available on the SEC’s website at the address www.sec.gov. Undue reliance should not be placed on the forward-looking statements contained in this press release, which are based on information available to Greenlane as of the date hereof. Greenlane assumes no obligation to update this information except as required by law.
Darsh Dahya, CAD
THE SOURCE: Greenlane Holdings, Inc.
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