Lazydays Holdings announced that the company filed a Certificate of Amendment to the company’s Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a reverse stock split of the company’s issued and outstanding common stock, par value $0.0001 per share by a ratio of 1-for-30. The reverse stock split took effect at 5 p.m. Eastern time on July 11. The company’s common stock is expected to begin trading on a reverse stock split adjusted basis on The Nasdaq Capital Market at market open on July 14 under the existing symbol “GORV” and the new CUSIP number 52110H209.
The reverse stock split is primarily intended to increase the company’s per share market price of its common stock to seek to regain compliance with the minimum per share bid price requirement for continued listing on The Nasdaq Capital Market.
As a result of the reverse stock split, every 30 shares of the common stock were automatically combined into one new share of common stock. No fractional shares will be issued in connection with the reverse stock split. If the shares of common stock held by any holder of common stock immediately prior to the reverse stock split are collectively reclassified pursuant to the reverse stock split into a fractional number of shares of common stock, the company will issue to such holder such fractions of a share of common stock as are necessary to round the number of shares of common stock held by such holder immediately following the reverse stock split up to the nearest whole number of shares. The reverse stock split will not alter stockholders’ percentage ownership interest in the company, except to the extent of any de minimis change due to rounding up as described above.
The company’s transfer agent, Continental Stock Transfer & Trust company, will serve as the exchange agent for the reverse stock split. Registered stockholders holding pre-reverse split shares of the company’s common stock electronically in book-entry form are not required to take any action to receive post-reverse split shares. Those stockholders who hold their shares in brokerage accounts or in “street name” will have their positions automatically adjusted to reflect the reverse stock split, subject to each broker’s particular processes, and will not be required to take any action in connection with the reverse stock split. Any stockholder of record holding shares of the company’s common stock in certificate form will receive a transmittal letter from Continental Stock Transfer & Trust company with instructions as soon as practicable after the reverse stock split.
