Kaleyra approves 1-for-3.5 reverse stock split to comply with NYSE minimum bid price

Kaleyra, Inc.

Reverse stock split ratio 1-for-3.5; effective at market open on or about March 9, 2023.
Shares outstanding reduced from ~45.85M to ~13.1M; no fractional shares, rounding up.
Goal: increase stock price to meet NYSE's $1.00 minimum average closing price for continued listing.
No change to authorized shares or par value; all options/warrants adjusted proportionally.
CUSIP changes to 483379202; symbol remains KLR.

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

Kaleyra, Inc.: Approved a 1-for-3.5 reverse stock split requiring an amendment to the Second Amended and Restated Certificate of Incorporation.

Change: charter amendment

Exact text from the filing

the Company’s Board of Directors has approved a 1-for-3.5 reverse stock split (the “Reverse Stock Split”) of the Company’s issued and outstanding shares of common stock, par value $0.0001 per share (the “Common Stock”), effective upon the related Amendment to the Company’s Second Amended and Restated Certificate of Incorporation becoming effective pursuant to Delaware law.

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Source: SEC EDGAR

accession 0001193125-23-061660

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