Sunlight Financial announces 1-for-20 reverse stock split to regain NYSE compliance

Sunlight Financial Holdings Inc.

Reverse split effective Aug 22; trading on split-adjusted basis begins Aug 23.
Outstanding shares reduced from ~86M to ~4.3M; no fractional shares, round up instead.
Warrants adjusted: each now for 1 share at $230 (was 20 shares at $11.50); aggregate shares dropped to 862,500.
Purpose is to meet NYSE minimum average closing price requirement and maintain listing.
Stockholders approved split ratio on Aug 11; board set final ratio at 1-for-20.

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

Sunlight Financial Holdings Inc.: Certificate of Amendment to effect 1-for-20 reverse stock split of Class A and Class C common stock (effective 2023-08-22).

Change: charter amendment
Effective: 2023-08-22

Exact text from the filing

On August 22, 2023, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment to its Certificate of Incorporation (the “Certificate of Amendment”) to effect a 1-for-20 reverse stock split of each of the Company’s issued and outstanding shares of Class A common stock and Class C common stock (the “Reverse Stock Split”). The Reverse Stock Split became effective as of 11:59 p.m. Eastern Time on August 22, 2023

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Source: SEC EDGAR

accession 0001821850-23-000073

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