Greenlane Holdings, Inc. GNLN will effect a one-for-20 reverse stock split of its class A common stock, par value $0.01 per share and class B common stock, par value $0.0001 per share that will become effective on August 9, 2022 at 5:01 PM Eastern Time, after the close of trading on The Nasdaq Global Market. 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.
Following the reverse split, the par value of the class A common stock will remain unchanged at $0.01 per share and the par value of the class B common stock will remain unchanged at $0.0001 per share, respectively. The reverse split will not change the authorized number of shares of common stock or preferred stock. No fractional shares will be issued in connection with the reverse split, and stockholders 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 sales prices of the class A common stock on the Nasdaq for the five consecutive trading days immediately preceding the effective date. The reverse split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in Greenlane's equity.
The reverse split will reduce the number of shares of class A common stock issued and outstanding from approximately 137.5 million to approximately 6.9 million and reduce the number of shares of class B common stock issued and outstanding from approximately 5.2 million to approximately 260,000.
Photo by Esteban Lopez on Unsplash
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