MultiSensor AI stockholders approve reverse stock split authorization

MultiSensor AI Holdings, Inc.

Holders of 59.4% voting power (7,104,556 shares) approved reverse split on March 24, 2024 via written consent.
Board authorized to implement split at ratio between 1-for-2 and 1-for-10; exact ratio and timing at Board's discretion.
Purpose is to help satisfy Nasdaq initial listing requirements; common stock traded between $2.05 and $5.00 in March 2024.
Board may also abandon the reverse split; no deadline for implementation given.
Certificate of Amendment will be filed with Delaware Secretary of State after Information Statement distributed.

Key facts

Extracted from this filing and checked against the source text.

Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

MultiSensor AI Holdings, Inc. shareholders approved Reverse stock split within a range of 1-for-2 to 1-for-10 at the 2024-03-24 meeting.

Proposal: reverse split
Outcome: passed
Meeting: 2024-03-24

Exact text from the filing

On March 24, 2024, the holders of more than a majority of the voting power of the capital stock of MultiSensor AI Holdings, Inc. (the “Company”) approved via written consent to grant discretionary authority to the board of directors of the Company (the “Board”) to, without further stockholder approval, effect a reverse stock split of the Company’s issued and outstanding common stock and common stock underlying outstanding equity awards, warrants, convertible promissory notes and other rights, in each case, within a range of between 1-for-2 and 1-for-10 (with the Board being authorized to determinate the exact ratio) (the “Reverse Stock Split”).

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Source: SEC EDGAR

accession 0001104659-24-039753

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