GSE Systems announces 10-for-1 reverse stock split; effective Oct 30, 2023, to meet Nasdaq bid price rule

GSE SYSTEMS INC

Reverse stock split ratio set at 10:1; approved by board on Sept 11, 2023 and stockholders on June 12, 2023.
Outstanding shares expected to reduce from ~25M to ~2.5M; no change to authorized shares or par value.
Cash payment in lieu of fractional shares based on VWAP as of Oct 27, 2023, with no fractional shares issued.
Split intended to help regain Nasdaq minimum $1.00 bid price compliance; trading symbol GVP unchanged.
Continental Stock Transfer & Trust acting as exchange agent; book-entry holders need no action.

Key facts

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.95

GSE SYSTEMS INC: GSE Systems, Inc. filed a Certificate of Amendment to effect a ten-for-one reverse stock split of its common stock, effective at 12:01 a.m. Eastern Time on October 30, 2023 (effective 2023-10-30).

Change: charter amendment
Effective: 2023-10-30

Exact text from the filing

On October 25, 2023, GSE Systems, Inc. (the “ Company ”) filed a Certificate of Amendment (the “ Amendment ”) to its Restated Certificate of Incorporation with the Secretary of State of Delaware to effect a ten-for-one reverse stock split (the “ Reverse Stock Split ”) of the Company’s shares of common stock, $0.01 par value (the “ Common Stock ”).

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Source: SEC EDGAR

accession 0000944480-23-000083

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