In a recent move to restructure its capital, Marin Software (NASDAQ:MRIN) has announced a reverse stock split, which was approved by its board of directors on April 4, 2024. The 6-to-1 reverse stock split, alongside a reduction in authorized shares, received the green light from shareholders during the Annual Meeting held on April 5, 2024.
These changes, part of the Charter Amendment, were filed with the Delaware Secretary of State today.
Starting from 5:00 p.m. Eastern Time on April 12, 2024, every six existing shares of Marin Software’s common stock will be combined into one share. This reverse split is designed to be neutral concerning shareholder's ownership percentages in the company. The Authorized Share Reduction will decrease the number of Marin Software's authorized common stock from 142,857,143 shares to 47,619,047 shares.
The company's common stock will begin trading on a split-adjusted basis when the market opens on April 15, 2024. Marin Software will retain its ticker symbol "MRIN" on the Nasdaq Capital Market but will trade under a new CUSIP number, 56804T 304.
The reverse stock split and authorized share reduction are strategic steps taken by Marin Software as outlined in their Definitive Proxy Statement, initially filed on March 5, 2024, and revised on March 28, 2024. The company's actions are part of a broader effort to comply with stockholder decisions and adjust its capital structure accordingly.
This information is based on a press release statement and reflects the latest developments regarding Marin Software's corporate actions. The company's stock will continue to be available for trading under its existing symbol, with the updated changes coming into effect next week.
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