Urgent.ly Inc. announced it will effect a 1-for-12 reverse stock split of its common stock, effective as of the close of trading on March 17, 2025. The primary purpose of this action is to regain compliance with Nasdaq’s minimum $1.00 bid price per share requirement. The company's common stock is expected to begin trading on a reverse-split-adjusted basis on Nasdaq on March 18, 2025, under the existing ticker symbol “ULY.”
Stockholders approved the reverse stock split and granted the board of directors authority to determine the final ratio at a Special Meeting held on March 12, 2025. The total number of authorized shares of common stock will be reduced from 1,000,000,000 to 500,000,000. Any fractional shares resulting from the split will be paid out in cash.
Proportional adjustments will be made to outstanding warrants, stock options, restricted stock units, and shares reserved for equity incentive plans. This measure is a direct response to the Nasdaq notification received on October 4, 2024, regarding the minimum bid price requirement. The company aims to maintain its listing on The Nasdaq Capital Market.
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