Genius Brands announces 1-for-10 reverse stock split to maintain Nasdaq listing

Kartoon Studios, Inc.

1-for-10 reverse stock split effective Feb 13, 2023; outstanding shares reduced from ~318.5M to ~31.8M.
Split reduces authorized common from 400M to 40M; new CUSIP 37229T 509; trading symbol remains GNUS.
Company was in second 180-day compliance period ending Feb 27, 2023; split aims to regain $1 minimum bid price.
No stockholder approval required; fractional shares rounded up; no cash paid in lieu.
COO states split also intended to deter illegal naked short selling and attract institutional investors.

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

Kartoon Studios, Inc.: Reverse stock split at a 1-for-10 ratio, effective February 10, 2023, via filing of Certificate of Change with Nevada Secretary of State (effective 2023-02-10).

Change: charter amendment
Effective: 2023-02-10

Exact text from the filing

The Company effected the Reverse Stock Split pursuant to the Company’s filing of a Certificate of Change to the Articles of Incorporation (the “Certificate”) with the Nevada Secretary of State on February 9, 2023, in accordance with Nevada Revised Statutes (“NRS”) 78.209.

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Kartoon Studios, Inc. filing history →

Source: SEC EDGAR

accession 0001683168-23-000732

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