Polished.com announces 1-for-50 reverse stock split effective Oct 20, 2023 to regain NYSE American compliance

Polished.com Inc.

Stockholders at Oct 19 special meeting approved reverse split ratio of 1-for-50; board set ratio.
Effective 12:01 a.m. ET on Oct 20, 2023; shares reduced from ~105.5M to ~2.1M.
Reverse split intended to meet $0.20 minimum closing price required for continued NYSE American listing.
No change to par value; fractional shares paid in cash; ticker remains 'POL'.
CUSIP changed to 28252C 208.

Key facts

Extracted from this filing and checked against the source text.

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

Polished.com Inc.: Approved amendment to Certificate of Incorporation to effect a 1-for-50 reverse stock split (effective 2023-10-20).

Change: charter amendment
Effective: 2023-10-20

Exact text from the filing

On October 19, 2023, the Company filed with the Secretary of State of the State of Delaware the Certificate of Amendment to effect a reverse stock split (the “Reverse Split”) of the Company’s common stock at an exchange ratio of 1 for 50, which was approved by the Board. The Reverse Split was effective at 12:01 a.m. Eastern Time on October 20, 2023 (the “Effective Time”).

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Polished.com Inc. shareholders approved The adjournment of the Special Meeting in the event the Company did not receive the requisite stockholder vote to approve the Reverse Split Proposal or establish a quorum at the 2023-10-19 meeting.

Proposal: reverse split
Outcome: passed
Meeting: 2023-10-19

Exact text from the filing

Proposal 2 The Company’s stockholders approved the adjournment of the Special Meeting in the event the Company did not receive the requisite stockholder vote to approve the Reverse Split Proposal or establish a quorum.

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Polished.com Inc. shareholders approved An amendment to the Company's Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company's common stock at an exchange ratio between 1 for 25 and 1 for 75, as determined by the Company's Board of Directors at the 2023-10-19 meeting.

Proposal: reverse split
Outcome: passed
Meeting: 2023-10-19

Exact text from the filing

Proposal 1 The Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company’s common stock at an exchange ratio between 1 for 25 and 1 for 75, as determined by the Company’s Board of Directors.

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Source: SEC EDGAR

accession 0001013762-23-005435

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