Spruce Biosciences issues Series A Preferred with 22M votes to Executive Chair to enable reverse stock split vote

SPRUCE BIOSCIENCES, INC.

Sold one share of Series A Preferred to Executive Chair Michael Grey for $100; shares have 22,000,000 votes on reverse stock split proposals only.
Series A votes must mirror common stock vote proportion on reverse split; abstentions/broker non-votes excluded, reducing their effect.
Series A automatically redeemed upon stockholder approval of reverse split; also redeemable at Board's discretion.
Company sets 2025 Annual Meeting for July 22, 2025; record date May 30; stockholder proposals due June 5.
Stock trades on OTC Pink since April 29; reverse split likely aimed at regaining exchange listing compliance.

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