8-K
filed June 5, 2023, 7:59 PM ET
ticker GNLN
CIK 0001743745
other material
confidence high
sentiment negative
materiality 0.60
Greenlane Holdings to effect 1-for-10 reverse stock split to meet Nasdaq minimum bid price
Greenlane Holdings, Inc.
- 1-for-10 reverse stock split effective June 5 after close; shares trade post-split on Nasdaq under GNLN starting June 6.
- Outstanding shares reduced from ~16.0M to ~1.6M; no fractional shares issued; fractional holders get cash based on pre-split average closing price.
- Stockholders at Annual Meeting on June 2 approved reverse split (range 1:5–1:15) and Third Amended 2019 Equity Incentive Plan increasing authorized shares by 2,098,627.
- Reverse split primarily intended to bring Greenlane into compliance with Nasdaq minimum $1.00 bid price requirement.
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.: Effective 5:01 PM ET on June 5, 2023, a one-for-10 reverse stock split of Class A common stock, as approved by stockholders, was effected via a Certificate of Amendment to the Amended and Restated Certificate of Incorporation (effective 2023-06-05).
- Change
- charter amendment
- Effective
- 2023-06-05
Exact text from the filing
On June 2, 2023, the Company filed a Certificate of Amendment (the “Certificate of Amendment”) to its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, which will effect a one-for-10 Reverse Split (as defined below) of Greenlane’s issued and outstanding Class A common stock which will become effective at 5:01 PM Eastern Time on June 5, 2023, after the close of trading on The Nasdaq Global Market (“Nasdaq”).
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Greenlane Holdings, Inc. shareholders approved Approve the Third Amended and Restated Greenlane Holdings, Inc. 2019 Equity Incentive Plan (Equity Plan Proposal) at the 2023-06-02 meeting.
- Proposal
- equity plan
- Outcome
- passed
- Meeting
- 2023-06-02
Exact text from the filing
Proposal 4 : To approve the Third Amended and Restated Greenlane Holdings, Inc. 2019 Equity Incentive Plan (the “Equity Plan Proposal”). For Against Abstain Broker Non-Votes 1,364,313 991,187 118,851 4,036,006
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Greenlane Holdings, Inc. shareholders approved Approve amendment to effect a reverse split of Class A common stock at a ratio in the range of 1-for-5 to 1-for-15 (Reverse Split Proposal) at the 2023-06-02 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2023-06-02
Exact text from the filing
Proposal 3 : To approve the adoption of an amendment to Greenlane’s Amended and Restated Certificate of Incorporation, to be filed not later than November 20, 2023, to effect a reverse split of Greenlane’s Class A common stock at a ratio in the range of 1-for-five to 1-for-15 (collectively, the “Reverse Split”), with such ratio to be determined in the discretion of the Board and publicly disclosed prior to the effectiveness of the Reverse Split (the “Reverse Split Proposal”). For Against Abstain 4,630,916,774 1,716,766,140 40,484,443
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Greenlane Holdings, Inc. shareholders approved Election of five director nominees at the 2023-06-02 meeting.
- Proposal
- director election
- Outcome
- passed
- Meeting
- 2023-06-02
Exact text from the filing
Proposal 1 : To elect the five director nominees named in the Proxy Statement. Director Nominee For Against Abstain Broker Non-Votes Donald Hunter 1,725,758 629,202 119,391 4,036,006 Aaron LoCascio 1,767,531 568,500 138,320 4,036,006 Renah Persofsky 1,684,259 674,566 115,526 4,036,006 Craig Snyder 2,151,774 227,960 94,617 4,036,006 Jeff Uttz 1,655,783 699,100 119,468 4,036,006
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Greenlane Holdings, Inc. shareholders approved Ratify the appointment of Marcum LLP as independent registered public accounting firm for fiscal year ending December 31, 2023 at the 2023-06-02 meeting.
- Proposal
- auditor ratification
- Outcome
- passed
- Meeting
- 2023-06-02
Exact text from the filing
Proposal 2 : To ratify the appointment of Marcum LLP as Greenlane’s independent registered public accounting firm for Greenlane’s fiscal year ending December 31, 2023. For Against Abstain 6,131,468 273,477 105,412
View on SEC.gov
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