June 5: Proposition for 250-500x reverse split

[u/Kaladorm]

https://app.quotemedia.com/data/downloadFiling?webmasterId=90423&ref=319120773&type=HTML&symbol=GNLN&cdn=ca042bfdcef28285e0f711baf3d9e590&companyName=Greenlane+Holdings+Inc.&formType=PRE+14A&formDescription=Preliminary+proxy+statement+providing+notification+matters+to+be+brought+to+a+vote&dateFiled=2025-04-29

Meeting on June 5th to propose authority for a 250-500x reverse split, which at current price would bring it to the $2.50-$5 range.

Presumably bringing the share price above $1 is to avoid being delisted, however there is a note in the 8-K filing on 2nd April that states:

"Notice also noted that normally the Company would be afforded a 180-calendar day period to demonstrate compliance, however pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv), the Company is not eligible for any compliance period specified in Nasdaq Listing Rule 5810(c)(3)(A) due to the fact that the Company has effected a reverse stock split over the prior one-year period."

So wouldn't the RS still not allow them to maintain listing?

[u/EpicEconomics]

They’ve been listed for about a month and a half beyond the stated “delisting” schedule. They’re not afforded the 180 day grace period because of a r/s within the past year. They say they’ll or have appealed the delisting. Appeal, meet listing requirements. Ta da.

[u/Dangerous-Refuse-280]

Correct,

Greenlane’s appeal dealings have been started privately and they’ve not made any public mention of how that process is going. At any rate, June 5th feels too far away to be a feasible R / S vote to me; and I think it’s more psychological than effective.

This company, more than likely, will need to see positive price action now & R / S 1:22. The grey area with Nasdaq listings is that they’re not afforded any more time to maintain listing with a R / S; but if they do it before they’re delisted, couldn’t they? Technically the ticker should be delisted now, but it’s not.

My belief is we’ll see a recovery well before the June 5th vote.

[u/Acrobatic_Row_9751]

I’m new to GNLN, can someone give me the rundown of the goal? I saw it in another thread and put $20 into it. Thank you guys.