Cineverse announces 1-for-20 reverse stock split, Nasdaq extends bid price cure to July 19

Cineverse Corp.

1-for-20 reverse stock split effective 12:01 a.m. ET June 9, 2023; ticker CNVS with 'D' appended for ~20 trading days.
Nasdaq grants extension to July 19, 2023 to cure minimum bid price deficiency under Rule 5550(a)(2).
Reverse split intended to increase share price to meet Nasdaq continued listing requirements; no fractional shares.
Proportionate adjustments to equity awards and exercise prices; authorized shares and par value unchanged.
Stockholders approved reverse split ratio at May 30, 2023 special meeting; Board selected 1-for-20.

Key facts

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Cineverse Corp.: Amended certificate of incorporation to effect a 1-for-20 reverse stock split of Class A common stock (effective 2023-06-09).

Change: charter amendment
Effective: 2023-06-09

Exact text from the filing

On June 7, 2023, Cineverse Corp. filed with the Secretary of State of the State of Delaware a Certificate of Amendment to the Company's Fifth Amended and Restated Certificate of Incorporation (the "Reverse Split Charter Amendment"), pursuant to which the Company effected a 1-for-20 reverse stock split of the Company's Class A common stock. The reverse stock split will be effective as of 12:01 a.m. Eastern Time on June 9, 2023.

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Source: SEC EDGAR

accession 0000950170-23-027032

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