Greenlane lowers quorum to one-third and creates super-vote Series A Preferred for reverse split vote

Greenlane Holdings, Inc.

Board reduced stockholder meeting quorum from majority to one-third of shares entitled to vote.
Created 20,000 shares of Series A Preferred Stock with 1,000,000 votes per share, to be issued as a dividend to common holders.
Series A Preferred votes only on reverse stock split and adjournment proposals; votes mirror common vote.
Preferred non-transferable except with common; redeemed after vote for $0.10 per 10 shares if beneficial owner has at least 10 shares.
Preferred has no dividend rights and a $0.0001 per share liquidation preference senior to common.

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

Greenlane Holdings, Inc.: Lowered the quorum requirement for stockholder meetings from a majority to one-third of shares entitled to vote (effective 2023-04-11).

Change: bylaw amendment
Effective: 2023-04-11

Exact text from the filing

The Amendment amends and restates Article I, Section 1.6 of the Company’s Bylaws in its entirety to lower the number of holders of the shares entitled to vote at a meeting of stockholders constituting a quorum, in person or by proxy, from a majority to one-third.

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Source: SEC EDGAR

accession 0001104659-23-044570

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