Greenlane Holdings, Inc. Initiates Reverse Stock Split to Maintain Nasdaq Listing

LOS ANGELES — Greenlane Holdings, Inc., a leading global provider of premium cannabis accessories and specialty vaporization products, has announced plans to execute a one-for-10 reverse stock split of its Class A common stock. The reverse split, which aims to bring Greenlane into compliance with the minimum bid price requirement for its listing on the Nasdaq Global Market, will take effect on June 5, 2023, after the market’s closing. The trading of Greenlane’s Class A common stock on a post-reverse split basis will commence on June 6, 2023, on the Nasdaq under the existing symbol “GNLN.”

The decision to pursue a reverse split was approved by Greenlane’s stockholders at the company’s recent annual meeting. The proposal granted Greenlane’s board of directors the authority to file a certificate of amendment to the amended and restated certificate of incorporation, facilitating the reverse split. Following the board’s approval on June 2, 2023, the Amendment was filed with the Secretary of State of the State of Delaware and is set to take effect on June 5, 2023, after the market’s closing.

The reverse split will impact all outstanding shares of Greenlane’s Class A common stock, as well as associated securities such as options, restricted stock awards, and warrants. The adjustment of these securities will be carried out in accordance with their respective terms. The number of shares available under Greenlane’s Third Amended and Restated 2019 Equity Incentive Plan, approved at the annual meeting, will also be appropriately modified. Despite the reverse split, the par value of the Class A common stock will remain unchanged at $0.01 per share, and the authorized number of shares will not be affected. Greenlane will not issue fractional shares as a result of the reverse split. Instead, stockholders eligible for fractional shares will receive a cash payment equal to the fractional amount multiplied by the average closing sales prices of the Class A common stock for the five trading days leading up to the effective date.

Upon completion of the reverse split, the number of issued and outstanding shares of Greenlane’s Class A common stock will be reduced from approximately 16.0 million to approximately 1.6 million.

Greenlane Holdings, Inc., established in 2005, serves as a prominent global platform for the development and distribution of high-quality smoking accessories, vape devices, and lifestyle products. The company caters to a wide range of customers, including producers, processors, specialty retailers, smoke shops, convenience stores, and retail consumers. Operating as a family of brands, third-party brand accelerator, and omnichannel distribution platform, Greenlane offers an extensive portfolio of in-house and licensed products, including DaVinci Vaporizers, Higher Standards, Groove, Eyce, Marley Natural, and K.Haring. The company’s diverse product offerings are available through various direct sales channels and proprietary e-commerce platforms, which include Vapor.com, Vaposhop.com, DaVinciVaporizer.com, PuffItUp.com, EyceMolds.com, HigherStandards.com, and MarleyNaturalShop.com.